Stock sale contemplated to save Columbia City Cinema in Seattle
SEATTLE, WA — Owner Paul Doyle has applied to the Department of Financial Institutions in a bid to issue nearly a half million shares of stock in the Columbia City Cinema. The independent cinema has been struggling financially of late, hit by the economic downturn and the need to make upgrades to comply with the city’s fire code that required the installation of sprinklers. If the stock sale is blocked, the theater may have to close.
The cinema, which opened upstairs in the building in 2004, has been facing the same economic challenges in recent years as its loyal patrons. “We have been playing catch-up and improvising from the beginning,” said owner Paul Doyle. “It’s been like the endgame in chess.”
Doyle said the troubles began in 2007, “when our downstairs tenant defaulted on the rent. When we got rid of him, we were paying double rent because we had a vacant downstairs.
The full story is in the Post-Intelligencer.