|Africa's Village Pavillion [Photo; BBC]|
Africa Village, set up in Kensington Gardens, west London, owes suppliers hundreds of thousands of pounds, Laurent Bagnis said.
He said an exact figure was not yet known.
A meeting is to be held to establish whether the venue can open later for its Tunisia Day.
It is the first time at an Olympic Games that the 53 African national Olympic Committees have come together to host one, specially dedicated house.
Located opposite the Royal Albert Hall, it has an exhibition area and restaurant open to the public and a reception area for Games officials, athletes and sponsors.
Since it opened on 28 July it has received 80,000 visitors, said communications director Mr Bagnis.
He said it had closed on Wednesday, adding a meeting was going to be held to "solve the situation".
Asked if reports that £395,000 is owed are correct, he said: "We have a lot of figures. I don't know which is right at the moment."