“Sometimes ambitions and cash flow don’t align,” Ms. Foster said.

Whatever the miscalculation — Mr. Vesce said lawyers would be advising him on potential liabilities — the Paramount’s closing signifies the end of an era that produced more than $1 million in renovations at the theater, which is on the National Register of Historic Places. Renovations included the refurbishing of the auditorium, the construction of dressing rooms, the creation of a space to display work by the city’s artists and the expansion of the stage to accommodate live performances.

The shows, which generated traffic that spurred the development of clubs and restaurants, included famous bands that filled the theater’s 1,024 seats, as the Beach Boys did twice in the past year, and less prominent acts that often filled the 60 percent to 65 percent of the house that Mr. Vesce said was typically necessary to break even, as the singer-songwriter Amos Lee did when he held the last concert there on Sept. 29. But performers from the provinces of high culture often drew smaller audiences.

Those not supported by independent sponsors tended to drain the budget, a situation that Ms. Foster said any new operator would have to address. The operator, she said, would also need a plan for deriving more income from the building when shows weren’t scheduled. “It will have to have a business mind-set,” she said.