UPDATED: Hope for Rosebud Cinema? Former Owner Might Take Control
Current owner said it's difficult to refinance or renew commercial loans in current environment.
It appears there might still be a chance to keep the Rosebud Cinema alive, at least for a while.
On Wednesday, the Journal Sentinel reported that AnchorBank plans to turn operation of the cinema over to Jay Hollis, who owned the theater from 1999 to 2007. AnchorBank holds the loan on the cinema.
Opened in 1931 as the Tosa Theater by Ross Baldwin, the theater at 6823 W. North Ave. was owned from 1940-99 by Marcus Cinemas. In 1999, the theater went to a sheriff’s auction, where it was purchased by Hollis. Hollis owned the theater until the summer of 2007, when the current owner, David Glazer, purchased it. The Rosebud celebrated its 80th birthday in 2011.
Glazer told the Journal Sentinel that falling property values have made it difficult to renew or refinance current lose.
What memories do you have of the Rosebud or the Tosa Theater? Share them with us in the comments.