Guilderland

Latitude 360, the fiscally troubled luxury bowling alley, will not be coming to Crossgates Mall after all.

"It was a mutual decision by both parties," said Juda Engelmayer, a public relations spokesman for the Florida-based company.

Announced in March 2014, the entertainment center was supposed to open in October that year. Its opening was repeatedly delayed, and the last estimated date in May came and went without any news.

Construction had begun on the site, which was to have included bowling lanes, a bar and restaurant, an arcade and a performance space. It was meant to be part of a growing entertainment niche at Crossgates, which includes a Dave & Buster's restaurant/game center and a FunnyBone comedy club opening Aug. 27.

On Monday, the Times Union called Latitude 360 after all its Internet references to the Crossgates location were scrubbed.

Its Facebook and Twitter pages have been closed, and the references to the Guilderland location have been removed from its website.

Latitude 360 planned to occupy 50,000 square feet on the mall's first floor. The mall's spokeswoman, Jennifer Smith, and general manager, Michael Patounas, were out of the office Monday and could not be reached for comment regarding what is planned for the half-finished space. Engelmayer said a joint announcement about the decision not to open the Crossgates location would be made Wednesday.

The Times Union reported in July that Latitude 360 was in fiscal trouble with the company's shareholder equity at a negative $23 million.

In a May 29 quarterly report, Latitude 360 said it had $47.2 million in assets and $70.4 million in liabilities. The firm said it had a total accumulated deficit of $175 million and had a net loss of $9.1 million in the first quarter of this year.

On Friday, the company reported to the Securities and Exchange Commission that it could not file its second-quarter report due to the resignation of its chief financial officer and other woes. It said it expected revenues to have dropped by 35 to 40 percent in the past six months.

"The registrant has limited cash resources and liquidity, and has been exploring various alternatives on how to fund working capital needs and institute cost reduction efforts," Latitude 360 reported. "The registrant's current lack of sufficient cash resources, lack of financing, delays in shipments of certain products coupled with the corresponding delays in receipt of expected revenue from the sale of such products, and the imposition of stricter payment terms from certain of its suppliers, continue to constrain the registrant's liquidity and operations."

Its stock price has continued to slide, with shares available for 23 cents each on Monday. That's down from 63 cents in early July.

tobrien@timesunion.com • 518-454-5092 • @timobrientu