While other major U.S. music festivals have been busy announcing dates and ticket sales for the fast-approaching 2010 season, one more event appears to be down for the count. The 10,000 Lakes Festival (10KLF), which entered its seventh season this year, will be going on an indefinite hiatus.

The indefinite break was announced through a statement on the festival’s Web site on December 18. The event’s organizers pointed to issues of profitability for the shuttering, with the statement noting that the festival “could not grow to financial success.”

“The organizers of 10KLF love our ardent fans and we will do our best to keep the music coming,” Rand Levy, a veteran festival promoter with Rose Presents and co-founder of 10KLF, added to the statement. “We will strive for better days ahead. We will certainly notify you when Rose Presents promotes like-minded events.”

During the summer 2009 season, the four-day festival took its usual position at Soo Pass Ranch in Detroit Lakes, MN. The event featured headline performances from Widespread Panic, Wilco and the Dave Matthews Band during its July 22-25 run.

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Overall attendance for 2009 was estimated at 17,000 according to published reports, with most previous years averaging a draw of approximately 15,000.

The Minnesota-based event is just the most recent festival to hit financial snags heading into the 2010 season. Last month, organizers of the Monolith Festival issued a statement seeking new investors for the coming year. In order to save Monolith from a hiatus, organizers needed to raise approximately $250,000.

But while some festivals struggle, others are charging full steam ahead into the New Year. In California, the 11th annual Coachella Festival and fourth annual Stagecoach Festival have announced 2010 ticket prices and, in Stagecoach’s case, headlining performers.