The planned Lynyrd Skynyrd [ tickets ] and Trace Adkins [ tickets ] New Year's Eve concert at the Sommet Center in Nashville has been canceled by artist and promoter representatives due to troubled economic times, according to a statement on the venue website.

That puts the kibosh on the acts' plans to perform in two cities in two different time zones on New Year's Eve.

"For the past 12 years, we've been fortunate to have the biggest names in music celebrate New Year's Eve in Nashville, but there is no denying that our core audience has been financially challenged by the hard realities of a flattened economy," promoter rep Steve Moore said.

"We believe it is in the best interest of the artist and the event producers to remove the event from the calendar for 2008, regroup, and work to come back next year to a better market environment."

An apology also was issued on behalf of the artists.

Information regarding ticket refunds is available at the Sommet Center's website.

Adkins and Skynyrd originally were scheduled to perform in both Pikeville, KY, and Nashville on the same night--each act opening the show in one city, then traveling across state lines--and a timezone--to close the show in the other.