Sources are reporting that the legendary NYC club, CBGB's, which played home to bands like the Ramones, Patti Smith, Blondie, Television and literally hundreds of others artists through the years may be forced to close its doors.

According to the story:

The clock is counting down to August when, if lease-renewal negotiations with its landlord aren't settled with a new agreement, the iconic club will board up its rickety doors for good -- due primarily to rising rents and declining live-music audiences, factors that have taken a toll on many small venues across the country.

Exacerbating the problems faced by the club was the deadly blaze at the Station nightclub in Rhode Island during a performance by heavy metal act Great White, which has also increased scrutiny faced by the club for potential safety violations. But the dominant problem is still financial, in particular club owner Hilly Kristal - who has run the venue since 1973 - learned that his monthly rent would likely double to $40,000 and an outstanding debt of $91,000 is blocking further negotiations.

According to Kristal, the club's future will be determined by "the end of August."