A lack of funding is the reason the board cited. Volunteers will assist the members of the Meeks family, co-founders of the park, to care for the animals.
Hollywild announced in February 2016 that it would need $500,000 by the end of the year or it would most likely close. Only about half of that amount was raised.
It was decided last month the park would not open on weekends in March.
There was no mention if any of the animals will be sold or moved to other park environments.
Executive Director Kim Atchley resigned in January when the board laid off six or seven employees, including the recently hired animal curator, due to the tight finances during the winter months. Tiffany Hughes, the vice president of the board of directors for the park, said in January the two announcements were not related.
The previous layoffs and closing of the park are due to the fact that the park did not meet its fundraising goals.