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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.

The newspaper reported Tuesday that the Rosebud Cinema, which has served Wauwatosa under different names since 1931, will close in the first week of March.

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.

C. Sanders February 21, 2012 at 06:08 PM
This is what is happening to small business across America. Commercial loans/LOC's are more and more difficult for small business owners to come by, and loan covenants are more restrictive.
C. Sanders February 21, 2012 at 06:24 PM
As commercial real estate values drop, small business owners that did not use fixed term mortgages are getting crushed to find mortgage financing with loan-to-value amount being insufficient to qualify. In that case, they need to either write a check to put more equity into the property or hit the wall and watch their financing alternatives dry up.
Wauwatosa Lifer February 21, 2012 at 06:46 PM
Are you better off today than you were 3 years ago?? 80 years we've had this theatre and Obamanomics has now killed it. But hey...we'll give away birth control...but a small business loan....wait one gosh darn minute there mister. Idiot.
pupdog1 February 21, 2012 at 07:30 PM
I hope there is a white knight out there somewhere.
John Pokrandt February 21, 2012 at 07:59 PM
It is critical that the city step up and assist in finding a new owner. We cannot afford a long term vacancy and the Rosebud has long been an anchor of North Avenue. Without strong leadership the North Avenue Plan will remain nothing more than a piece of paper.
Random Blog Commenter February 21, 2012 at 08:08 PM
Mr. Pokrandt, So how would a leader address this issue? How would a leader make the North Ave plan happen? Merely saying that leadership is needed without addressing specific solutions is not leadership, it's pandering.
Big Pete February 21, 2012 at 08:17 PM
Walkers in office only one year and this fine Wauwatosa landmark is closing! Where are the jobs governor? You know the jobs you claimed were coming last June when you went on FAUX news. While the country has had 22 straight months on private job growth, Wisconsin is leading the nation in job losses Apparently those $200 tax breaks given to small businesses here aren't enough. All state money directed to the big out of state donors.
Matt Schroeder February 21, 2012 at 08:55 PM
There's also been an active discussion on the Wauwatosa Patch Facebook page on this issue. Commenters have talked about the Tosa Historical Society, the East Town Association and the Chamber of Commerce as candidates to step up and find an answer. Forward the discussion here or join in on Facebook: https://www.facebook.com/WauwatosaPatch
mm February 22, 2012 at 01:56 AM
Hey bigpete its people like you that make this sate look bad and also obma is makeing this whole country los jobs look at all the promise broken by him i dont see all the republicans trying to recall him the rossbud has nothing to do with walker. grow up and get a life all you stupid democats to is wine and complain your all evil minded fools
Ray Ray Johnson February 22, 2012 at 03:16 PM
Anchor Bank is in a bad position based on SBA loan covenants. The de-valued real estate associated with the cross-collateralized loan makes it impossible for them to refinance the business' loan. For Anchor Bank, they'd make more anyway on the SBA gurantee then they would if they could break the collateral apart and allow it to be sold in pieces anyway. SO-we'll all have to wait for the auction information. Maybe we can pull a 'Green Bay Packers' business model and get a consortium of local stock holders to buy the business outright at the bank auction. Tosa can keep the theaters if we stick together and make it happen. We can keep the existing staff and management, as they have been doing a great job. Let's open the discusion and meet at Cranky Al's. Anyone interested?
Leaving Tosa Soon February 22, 2012 at 04:34 PM
Let's face it folks, people would rather sit home in their own home theater and watch Netflix and trudge down to the mean streets of Tosa , pay $10 buck and listen to some clown talk and munch on popcorn while watching a flick. Rosebud is a dinosaur, I say let's court Auto Zone or Sally Beauty Products for that empty space, they will fit in nicely on North Ave.
Jake Rohde February 22, 2012 at 05:06 PM
That sounds awesome! A community owned theatre... maybe a theatre co-op?
Jake Rohde February 22, 2012 at 05:07 PM
Don't speak for everyone, just because you don't like to leave your house. The Rosebud is not closing because of poor attendance. I love that place!
Matt Schroeder February 22, 2012 at 05:48 PM
There is a similar old theater in Cedarburg that was restored by and is operated by volunteers. They raised money to restore it, then staff the ticket booth and concessions. It seems popular and they get second-run movies. Prices are fairly reasonable. It worked there.
Ray Ray Johnson February 22, 2012 at 05:58 PM
Hurry up and leave then. Your opinion feels creepy and ugly. I love the Rosebud and the Times. I have netfilx, I have a home theater, but I go to both the Rosebud and the Times whenver I can. My girlfriend and were planning to go see the short film fest at Times on Friday night, even before the sad news. There is no community apathy, as shown by the fact that every time they show a classic, the place is packed. People aren't apathetic to the Rosebud or the Times, just the lousy movies that Hollywood throws out nowadays. But put Wizard of Oz, or Casablanca on? Packed house. Back to the Future series? Packed. Since you're leaving, you lose your vote.
Ray Ray Johnson February 22, 2012 at 07:43 PM
You exude a creepy, troll-like ignorance. Why bring your unilateral political fantasy argument to this discussion? The loss of a loved business based on a requisite of a banking product's underwriting guidelines, and maybe the only lending option available at the time this small business owner needed it, doesn't have anything to do with left or right; it has only to do with ON or OFF.
Leaving Tosa Soon February 22, 2012 at 07:59 PM
Hey Ray Ray(creepy troll like name, btw), ever hear of the phrase, 'a card laid is a card played'? Do you understand that contract law is the foundation of our civilized society, that if people do not abide by the contracts they enter into, our entire system can collapse? Should we give Mr Lefty at Rosebud a pass because he can't figure out his business model of money in/money out and the profit motive? Or do you want to blame Bank Mutual for simply wanting what was promised to them via the loan contract? Ray Ray do you still live in mommy's basement?
Matt Schroeder February 22, 2012 at 09:18 PM
And the discussion was so nice and so civil for so long ...
Bren February 23, 2012 at 03:49 AM
I heard that someone involved in the operation of these theatres was a Milwaukee history buff. If true, perhaps that individual has some contacts that could help with preservation grants. I also hope that whoever takes over the theatres keeps that person on--to celebrate cultural history.
Tim Docter February 23, 2012 at 03:50 AM
I'm in. Now what? Set a time, let's move.
Ray Ray Johnson February 23, 2012 at 02:46 PM
Spoke with the ignorance of someone who's never applied for a business loan before.
C. Sanders February 23, 2012 at 04:07 PM
As a business owner, its easy to conclude that you are and will always be on the receiving end of a paycheck and have no idea what it takes, for a business owner, in this economy to keep a fool like you employed and paid. But, maybe that's why you're LEAVING TOSA SOON? Jobless are you?
CoffeeBeans March 09, 2012 at 11:53 PM
Just moved to Tosa area six months ago and already lost the two cool places (The Fish Store and now Rosebud) around the block. F for Wauwatosa.

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