The Rosebud and Times theaters are closing the first week of March, according to owner David Glazer.
Glazer has owned the Times, 5906 W. Vliet St., since January 2007. He has owned the Rosebud, 6823 W. North Ave., since October 2007.
Glazer said in a news release that, like investors who purchased property five to six years ago, he bought the properties when the market was high.
“Property values have fallen considerably in the last few years,” Glazer said.” The lending environment today makes it very difficult to renew or refinance commercial loans.”
Glazer said he was facing a balloon payment from the lender, Anchor Bank. And despite negotiations to renew or refinance his loan, Glazer said he was unable to do so.
The foreclosure, he said, is connected to a cross-collateralization with some of his other properties.
“I feel badly about this and we’ll miss the camaraderie and the interaction with our customers,” he said in an interview. “Our customers were loyal to us, and our staff was great.”
The Times Cinema opened in June 1935 in a former automobile repair building. The Rosebud Cinema was originally opened as the Tosa Theater in October 1931.
The Times, located in Milwaukee, specialized in classic and second-run films, with a cult movie thrown in once in a while. The Rosebud, with its sofa-viewing motif, offered first-run movies.
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