A former owner of the Rosebud Cinema Drafthouse at 6823 W. North Ave. in Wauwatosa and the Times Cinema at 5906 W. Vliet St. in Milwaukee has been hired to keep the old theaters open while a search convenes for a new owner.
AnchorBank of Madison had foreclosed on the mortgages of the troubled theaters. However, the bank announced today that the theaters will remain open under the management of Jay Hollis, a businessman who is the former owner of the Rosebud. Hollis sold the theater it in 2007.
Hollis, a former painting contractor, created the Rosebud in 1999 with an overhaul of the former Tosa Theater.
Last week, owner David Glazer said the two theaters would close during the first week of March.
However, Hollis was hired by Siegel-Gallagher, the court-appoint receiver of the properties, to begin operating the theaters, said AnchorBank spokesman Timothy Carter.
Hollis will manage both theaters throughout receivership while a new owner is found, Carter said.
“Continuing operation with the original visionary means patrons can look forward to the same quality experience they’ve come to expect at both theaters” said Byron Butler, senior vice president of marketing at AnchorBank.
The Times Cinema opened in June 1935 in a former automobile repair building. The Rosebud originally was opened as the Tosa Theatre in October 1931.
