Theosophy teaches 2

That the Universe is a cyclic and periodical manifestation. It comes forth into existence from the Divine Principle by means of evolution (not creation) and remains and evolves over an incredibly lengthy period of time. Then it gradually disintegrates and disappears, everything being reabsorbed into Brahman. Eventually, after the same duration of time for which it had existed, it is reborn, on a higher level than before