One of the most popular live music venues on the East Coast is closing.

Halifax's Marquee Club is set to shut its doors in January.

The venue has been the go-to spot for larger acts in Halifax, including recent gigs by Daniel Lanois, GZA and Bloc Party.

But owner Victor Syperek said the business is just not viable because it's too expensive to bring touring bands to Halifax.

"We have tried to bolster the music scene. We love it — started my son's band out with the Marquee," he said.

"Wintersleep, Joel Plaskett, Matt Mays — you can name many, many bands that have had their start at the Marquee, and I'm quite proud of that fact. But it has been just vastly unprofitable and we've lost well over $1 million in trying to keep the live scene happening. Finally it comes to the point where we can't afford it."

This is the second time the club has shut its doors in the past few years.

But Syperek said this time it's final and he'll have to lay off 40 staff.

Syperek said he'd like to open an arts centre on the site at a future date.