A council spokesperson said it wanted ticket holders to be reimbursed promptly and for cast and crew members to receive appropriate support.
“We will be working with the Coliseum Board to better understand the unforeseen circumstances that led to this decision,” they said.
Former Coronation Street star Julie Hesmondhalgh, who recently starred in the ‘s Celebrity Traitors, is also offering refunds to people who donated to her fundraising appeal to help those who could not afford tickets.
Her GoFundMe campaign raised £1,855 from 53 donations, with an earlier update saying the money would allow more than 70 people to attend the show.
Hesmondhalgh apologised and asked donors to contact her directly to arrange a full refund.
The production, directed by Nick Bagnall, was set in the 1970s, with the nightclub transformed into a world of gangsters and casinos.
Speaking before the cancellation, Bagnall said: “I want to blow the dust off Shakespeare.”
The theatre said the rest of its autumn and winter programme would go ahead as planned at venues across Oldham.
The Coliseum’s permanent building on Fairbottom Street is undergoing refurbishment and is expected to reopen in 2027 after an additional £7m was agreed to fund essential work.