Run For Your Lives Wednesday notified people who bought tickets to the events via email about the cancellations, The Baltimore Sun reported.
"It is with great sadness that we are notifying you that the Run For Your Lives event you have purchased a ticket for has been canceled," read the email. "At this point, all events are postponed indefinitely and you should contact your bank for a full refund."
The company also laid off all its employees Wednesday.
"We had to make a really tough decision today," said William Ward, vice president of marketing for Run for Your Lives LLC.
Ward blamed low attendance at events this year due to increased competition for the cancellations.
"That right there is one of the hard baseline facts of what has led to this situation," Ward said.
Ward said he was not yet sure whether the company would refund ticketholders, or file for bankruptcy protection.
"It is a question that remains open," he said. "No one wants to say 'No' to that, but I don't know what [the company] is capable of, or what is legal at this point."
The first Run For Your Lives race was held in Darlington in 2011. The race features people dressed as zombies who chase participants.
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