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The State Fair of Virginia Incorporated has shut down after its request for Chapter 11 bankruptcy was rejected, and staff members have left their positions, reports WWBT.

The fate of the State Fair and some of its other popular events will now be decided by around a dozen lenders who hold rights to these events.

As a last effort to save the State Fair, organizers offered to buy the 360 acre Meadow Event Park in Doswell. However, the lender group did not agree.

The lender group even opposed providing severance packages to the remaining 17 staff members who are, as of Wednesday, no longer on the payroll.

There will be no more events produced by the non-profit group SFVA Incorporated.

The Virginia State Fair is not the only event impacted. The Meadow Highland Games & Celtic Festival and the popular Strawberry Hill Races, held at Colonial Downs, are also in jeopardy.

Colonial Downs announced Wednesday, on its website, it will move forward with the Strawberry Hill Races this year, even if the venue cannot keep the name. The name that now belongs to the lenders.

SFVA says the fate of these events and the property will be determined by the Chapter 7 court proceedings and ultimately be up to the court-appointed trustee.

The State Fair filed for Chapter 11 back in December.

The State Fair of Virginia reported more than a $500,000 loss in January. Also lost in the bankruptcy are all the additional private events like weddings and banquets.