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The Times and Rosebud cinemas have a new lease on life.

AnchorBank, which held the loan, announced Wednesday that it plans to turn over operation of the two theaters to businessman Jay Hollis.

Hollis is the former owner of the Rosebud Cinema Drafthouse, 6823 W. North Ave., Wauwatosa, and the Times Cinema, 5906 W. Vliet St. He created the concept of the Rosebud, with sofas and more relaxed atmosphere, but sold the theater in 2007.

Hollis will be running the theaters for Siegel-Gallagher, the real estate firm that is the receiver for the property.

"The Milwaukee and Wauwatosa neighborhood communities are the backbone of the long-term success of these theaters' operations, and we are looking forward to being an economic driver for the surrounding business districts once again," Hollis said.

On Tuesday, current owner David Glazer said the two theaters would close the first week of March. On the theaters' website, showings are listed only through Sunday.

Glazer has owned the Times Cinema since January 2007. He has owned the Rosebud Cinema Drafthouse since October 2007.

Glazer said he was facing a balloon payment from AnchorBank. And despite negotiations to renew or refinance his loan, Glazer said he was unable to do so.

The foreclosure, he said, is connected to a cross-collateralization with some of his other properties.

In a statement, the bank said it conducted an evaluation of potential operators for both cinemas. "The primary goal of the search was the continuation of a quality experience at both of these local gems. After careful consideration, Jay Hollis has been contracted to begin operating both cinemas effective March 1," the statement said.

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.