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St. Peter theater in danger of closing
posted by
CSWalczak
on
March 18, 2011 at 7:50 am
ST. PETER, MN — The St. Peter 5 has filed for Chapter 7 bankruptcy and the action may mean doom for the struggling theater, which opened in 2006. Currently operated by CineMagic (which has financial troubles of its own), the theater is in default on two loans.
“We’ll caucus with Nicollet County Bank, which holds the first mortgage, to come up with a plan to protect the assets of the city,” Wille said. “The big question is, ‘Is this going to be a viable business concern going forward?’ ”
Potential options for the theater’s fate include having the bank sell the property to a third party or having the city obtain ownership of real estate assets by paying off the theater note of $432,000 and leasing theater operations or selling the business.
There is more in the Mankato Free Press.
Comments (5)
I assume it was running Dollar movies,A 5-plex built in 2005 i think the report said is odd,by that time it seemed evrything was 20 screens are more.
It is a first run theater.
then I guess the town was not a moviegoing town,five plex should have made unless lousy management.
St. Peter, MN is only about 10,000 people. They are 25 minutes away from Mankato, MN a larger city with additional multiplexes. That make it hard to draw clientele from that direction.
thanks Jay,that explains it.always going to the bigger town no matter where you are.