Financially Troubled Ziegfeld Theatre May Be in Danger of Closing (UPDATED)

The Ziegfeld Theatre is one of New York's most historic theaters, and the largest single-screen theater still standing. Recently the theater shut down during the normally lucrative Memorial Day Weekend — and while it reopened on June 1, some are worried it may soon be shutting its doors for good.

While the Ziegfeld is still well regarded for its rich history and movie premieres, it's losing about $1 million a year. Cablevision put the theater up for sale — along with the rest of its Clearview Cinemeas chain — back in May.

But a representative from Clearview was far from ready to concede defeat.

In addition to showing the latest blockbuster films, Clearview's Ziegfeld Theatre is a landmark location for movie premieres and special events. It is normal course of business for the theater to be closed at certain times to accommodate these unique marquee activities.

That doesn't change the fact that major blockbusters are moving more and more to IMAX screens, of which there are four in Manhattan.

The Ziegfeld no longer has the special engagements it once did in the '70s. The New York Post article mentions the exclusive run of Dreamgirls back in 2006 — but that was six years ago. At the same time, single-screen theaters are still the go-to for big premiere events, which is why the Ziegfeld netted the premieres of Madagascar 3 and Men in Black 3.

Despite the money Clearview may be using, they reportedly have 12 years left on the lease. Here's hoping the Ziegfeld will find a way to stick around, without being forced to compromise too much of what it once was.

UPDATE:
Cablevision reached out with the following statement: "We have no plans to close the Ziegfeld Theatre." OK, back to not worrying, then.

[Image via Flickr/anthonut]