Rosebud, Times Cinemas going dark after 80 years
Glazer bought the theaters in 2007 when investment properties were booming; just before the economy turned south. Glazer declined an on-camera interview, but said in a statement, “Property values have fallen considerably in the last few years… the lending environment today makes it very difficult to renew or refinance commercial loans.”
Glazer goes on to say he tried to negotiate with his lender, but the bank decided to take back four of his investment properties including the theaters.
Milwaukee Alderman Michael Murphy believes the closure of the theaters will be temporary; that they’ll be a permanent part of the neighborhood for years to come. “Part of it’s nostalgia but also I like the intimacy of the theater. You know, sometimes you get in these really big movie theaters and really, this is a community theater,” said Murphy.
The theaters are expected to close in the first week of March.