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Milwaukee, WI: Rosebud Cinema Drafthouse and Times Cinema May Not Close

Posted on Wednesday, February 22nd, 2012 11:18 AM

The Rosebud Cinema Drafthouse. Photo taken July 10, 2010 Copyright © 2012, SVJ Designs, LLC. All rights reserved.Yesterday, we relayed the news that the Rosebud Cinema Drafthouse in Wauwatosa and the Times Cinema in Milwaukee, Wisconsin are closing the first week of March 2012. Today, it seems that there may be hope for fans of the theaters yet.

The Milwaukee Journal Sentinel reported this morning that Anchor Bank, the lender who holds the loan on the two properties, intends to have former owner Jay Hollis operate them in receivership:

A bank executive at AnchorBank said Wednesday that the bank, which holds the loan for the two theaters, intends on turning over operation of the two theaters to businessman Jay Hollis.

Hollis is the former owner of the Rosebud, 6823 W. North Ave., but sold it in 2007.

Hollis, a former painting contractor, created the Rosebud in 1999 with an overhaul of the former Tosa Theater.

The bank official, who declined to be identified, said Hollis would run the theaters in receivership. The bank is expected to make a statement later Wednesday.

Click the Read link below to read the full article.

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