A sea of red ink has forced Crossroads Alcohol and Drug Treatment Centre to close its doors permanently.
The centre, which has operated for 37 years, will wind down its operations over the next 90 days.
The Board of Directors made the announcement at a news conference Wednesday morning.
The society that runs the centre says it owes $1.3M to the bank plus grants that total another $300,000.
It is estimated the centre would lose $30,000 per month in 2013 alone.
In order to keep the facility open in 2013, Crossroads required $132 per bed (38 beds) per day. Interior Health was offering $92 per bed per day.
The treatment centre will close in 90 days with the detox centre following shortly thereafter, once all current clients complete their programs.
"It is a very sad day for all of us at Crossroads. For our clients and what would have been our future clients, for our dedicated and talented staff who have poured their hearts and souls into this centre over the years," says Executive Director, Shelley Gilmour.
"We intend to do everything we can to ensure we can meet our commitments and obligations to them as we begin winding down the operations as a result of this closure of our services."
The closing of Crossroads three centres, men's Treatment Centre, Women's Treatment Centre and Detox, will also result in the loss of 69 full-time, part-time and casual jobs.
Board President, Alan Sanderson says the decision was not an easy one to make but, after a year of trying to turn it around, it was one the board had to make.
"The current service model and ongoing funding challenges left us with concerns about the integrity of our programs and the safety and security of our clients and staff," says Sanderson.
"Additionally, we had to put an end to the increasing debt the Society is accumulating. The years of funding challenges and the loss of other revenue streams put the Society into a precarious situation."
The centre's three facilities will be put up for sale.
The board says it hopes something new, and possibly different, will rise from the closure of Crossroads.