Sutton Theatres Trust, which runs the Secombe and Charles Cryer Theatres, have gone into administration.
Paul Scully, Conservative MP for Sutton, Cheam and Worcester Park, said: "I’ve been made aware that Sutton Theatres Trust have gone into administration.
"This is disappointing after they rescued our local theatres last year when Sutton’s Lib Dem Council threatened to close them. I will be seeing what support I can offer to ensure our local theatres survive.
"I am meeting the Chief Executive of Sutton Council this week to discuss the options for our local theatres moving forward."
Councillor Tim Crowley, the Leader of Sutton Conservatives, said: “I am disappointed that the company that is running the theatres in Sutton and Carshalton has gone into administration. I hope that a suitable buyer can be found to take over bothe the Secombe and Charles Cryer theatres.”