Dona Vitale, who is on the board of directors for the Rogers Park/West Ridge Historical Society, has lived in the area since 1968. If someone with the right energy made it work, all power to them! But if this business isn’t happening, you can’t keep going forever.”įor a long time, The New 400 was one of those theaters that despite looking tattered and less flashy than other vintage movie theaters, did feel likely to hang on forever. I don’t have the right energy for this anymore. We have four theaters, and I think we don’t even need three of them anymore. And the weekend after that, back to empty houses. When people first heard we might close, it was a full house. The customer base just isn’t there anymore. But I would really like to start losing less. I can afford to lose some money this year, too. I can afford to lose money for a short time.
Fortunately for me, I am a real estate developer, a real estate broker, a lawyer. So, no, none of this makes sense any longer. That’s before you have even paid employees. So you have already given about 77% of ticket profits. Also sales tax, liquor tax - tax after tax. Before the pandemic, it was closer to 50. “Look,” he said, “say you give us $8.50 for a movie ticket. Jason Wambsgans / Chicago Tribune)įrom his office, Fox watched the traffic on Sheridan for a moment, then turned back.
Because it is hard for a real estate guy to run this kind of business, never mind a 100-year-old theater needing lots of things.” A new sound system, for one.Ĭustomers line up at the snack bar at The New 400 Theater in Rogers Park. He doubts The New 400 is doomed, but adds: Several hits have helped, including the Polish drama “Ida,” which won the 2015 Oscar for best international feature, and the acclaimed Swedish adaptation of “The Girl with the Dragon Tattoo.” Question is, where will the audience watch them?” In 2007, he diversified and created Music Box Films, a successful distributor of independent and international movies. It’s still cheaper than a concert or opera. At least three in Chicago spring to mind. He toured The New 400 recently, and through he hasn’t “looked at the numbers yet,” he found it charming, in a cool neighborhood, but in need of “a complete makeover.” He said, “We’re getting contacted often about buying theaters. William Schopf, owner of the Music Box in Lakeview, said his own theater “is one of the few doing quite well” - so well, the Music Box is considering adding a screen and expanding into new locations. Fox said that last year The New 400 did 60% of its pre-COVID business.
Since the pandemic started, many theaters have rebounded some, but overall, globally, the business is down 50% since 2019. “OK, otherwise, another option is $7,000 and -”
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