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Theater operator bankrupt; others interested in building
By Paul Crossman
Signs on the Movieplex 8 in Greenport proclaim the theater “temporarily closed,” but there has been no sign of an attempted reopening since its initial closure in October and on Wednesday, managing building owner Joe Calcagno revealed that Cinema North has declared bankruptcy and closed all 11 of its locations.
The good news, according to Calcagno, is that there are several different companies currently interested in the vacant theater, and he is extremely close to closing a deal with one of them.
“There’s a deal in the works for sure,” he told the Register-Star. “We’re working to get the theater reopened by Thanksgiving.”
He went on to say that it was taking slightly longer than expected to close the deal because much of the equipment was leased through an outside bank, and it remained to be figured out whether the leases would be transferred or if equipment would be brought in by the new theater company.
Though Calcagno would not confirm which interested party was closest to signing a lease, he did say that one of the interested parties was the current owner of Fairview Plaza Cinema 3 on Fairview Avenue.
“We’re trying to get the best operator in to work on the theater,” he said, adding that there was a good chance that whoever was brought in would work to modernize the theater, with new equipment and sound.
Another unidentified party also said he believed the theater would be getting other upgrades, like new seats, and that some renovations had already begun.
The theater initially closed early in October with very little notice, telling employees only the day before that they should not bother to report to work the next morning, while those who did found only signs that said the theater was temporarily closed, and that they hoped to reopen again soon.
This statement lost some credibility though, when it was revealed that all 10 other Cinema North locations had similar signs, and the corporate office took its entire Web site down, and didn’t answer or return any calls.
Cinema North was founded in 1983 by Gerald L. Couture Jr. of Rutland, Vt., and is apparently no stranger to financial difficulties. The corporation had several of its locations in Vermont temporarily shut down in early 2008 due to them being found operating without a license to collect state meals, sales, and use taxes.
The company eventually rectified the situation and the theaters were allowed to reopen. It appears the Movieplex 8 is not so lucky.
According to Calcagno, the Hudson theater was actually not the reason for the company’s closing, and it may have actually been one of Cinema North’s most profitable branches.
With the financial problems at its other locations and the declaration of bankruptcy, even the more profitable branches could not stay open.
Another update will be announced on the theater as soon as a contract is agreed upon with Calcagno, the bank, and one of the interested parties.
To reach reporter Paul Crossman call 518-828-1616, ext. 2266, or e-mail pcrossman@registerstar.com.
The good news, according to Calcagno, is that there are several different companies currently interested in the vacant theater, and he is extremely close to closing a deal with one of them.
“There’s a deal in the works for sure,” he told the Register-Star. “We’re working to get the theater reopened by Thanksgiving.”
He went on to say that it was taking slightly longer than expected to close the deal because much of the equipment was leased through an outside bank, and it remained to be figured out whether the leases would be transferred or if equipment would be brought in by the new theater company.
Though Calcagno would not confirm which interested party was closest to signing a lease, he did say that one of the interested parties was the current owner of Fairview Plaza Cinema 3 on Fairview Avenue.
“We’re trying to get the best operator in to work on the theater,” he said, adding that there was a good chance that whoever was brought in would work to modernize the theater, with new equipment and sound.
Another unidentified party also said he believed the theater would be getting other upgrades, like new seats, and that some renovations had already begun.
The theater initially closed early in October with very little notice, telling employees only the day before that they should not bother to report to work the next morning, while those who did found only signs that said the theater was temporarily closed, and that they hoped to reopen again soon.
This statement lost some credibility though, when it was revealed that all 10 other Cinema North locations had similar signs, and the corporate office took its entire Web site down, and didn’t answer or return any calls.
Cinema North was founded in 1983 by Gerald L. Couture Jr. of Rutland, Vt., and is apparently no stranger to financial difficulties. The corporation had several of its locations in Vermont temporarily shut down in early 2008 due to them being found operating without a license to collect state meals, sales, and use taxes.
The company eventually rectified the situation and the theaters were allowed to reopen. It appears the Movieplex 8 is not so lucky.
According to Calcagno, the Hudson theater was actually not the reason for the company’s closing, and it may have actually been one of Cinema North’s most profitable branches.
With the financial problems at its other locations and the declaration of bankruptcy, even the more profitable branches could not stay open.
Another update will be announced on the theater as soon as a contract is agreed upon with Calcagno, the bank, and one of the interested parties.
To reach reporter Paul Crossman call 518-828-1616, ext. 2266, or e-mail pcrossman@registerstar.com.
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