Outerland, the 29-year-old Vineyard nightclub that got a new lease on life less than three years ago, is up for sale, its books awash in red ink despite an outward appearance of success with a varied live entertainment scene.

“We gave it a great, great try,” said club owner Barry Rosenthal on Tuesday. Mr. Rosenthal bought the nightclub, formerly named the Hot Tin Roof, in January 2006, with his brother Dr. Arthur Rosenthal.

In a letter that went out to his creditors late last week, Mr. Rosenthal said the nightclub will close for good Nov. 30. “We are trying to avoid filing for protection and would like to work out a payment settlement plan with you,” he wrote to them.

“We are actively seeking a suitable buyer who wants to help keep live music alive on the Island,” Mr. Rosenthal wrote. “The club is priced for a quick and efficient sale.”

Yesterday Mr. Rosenthal, whose background is in marketing, maintained a sunny outlook. “I still believe it can work, and hopefully we will pass the baton to somebody who will make it work. Somebody who wants to keep live music alive on Martha’s Vineyard. It’s important, especially in today’s crazy world,” he said.

A complete story about Outerland going up for sale will appear in the Friday Gazette.