The organisers of the Weymouth Bayside Festival have gone into liquidation.
The event is supposed to run for the duration of the Olympics, and features live entertainment, display acts and exhibitions.
Visitor numbers have been disappointing, and the admission price has been reduced several times.
A statement on Twitter by the organisers read:
The gates to the site are currently locked, and visitors are being turned away.
Traders and Weymouth and Portland Borough Council are trying to save the event.
You can see Duncan Sleightholme's full report here: