The Knitting Factory in Los Angeles will reportedly shutter this fall, according to the company’s CEO Morgan Margolis.

Margolis says the Hollywood club is opting not to renew its lease, which expires on Oct. 31, according to Los Angeles Times music blog Pop & Hiss". “I’ve opted not to extend it. We’re closing that location, but we are not out of the L.A. market,” Margolis told the blog.

Concerts booked at Los Angeles’ Knitting Factory through mid-October include A Static Lullaby and Frightened Rabbit. Margolis says that he’s possibly looking to reopen the club in another area of Los Angeles, but that process could take up to one year, the blog reports.

“It just came to the point where we decided that the amount of money we’re losing in that location as we’re branding nationally didn’t work out for us,” the CEO reportedly said.

Meanwhile, Knitting Factory venues in Spokane, Wash., and Boise, Idaho, will remain open. Margolis told Pop & Hiss that the company is also in the process of opening another club in Reno, Nev. A Knitting Factory-branded club is also slated to open later this summer in Brooklyn, N.Y.