Glen Cove Cinemas, a city landmark for more than two decades, has temporarily closed its doors and is asking for the City's help to restart talks with a local bank.
The Cinema's operator approached the City asking for assistance over a refinancing deal that would keep the doors open as a theater.
Meanwhile, Mayor Ralph Souzzi said the City has tried to help the owners and is still involved. Suozzi said he plans to meet with them and a representative of First Central Savings Bank Wednesday.
"We don't want to see this theater closed," said Suozzi.
The Glen Cove Industrial Development Agency (IDA) came up with a proposed solution, said IDA executive director Kelly Morris.
The theater's general manager, Jim Bethune, said renovation plans have been in the works for some time, including new carpets and seats, as well as a conversion to a digital operation as the movie industry phases out film.
The theater hopes to have the equipment ordered next week, Bethune said, but that won't happen unless the issue with the bank is resolved.
The theater closed Sunday due to technical difficulties.
The operator said he hopes to reopen in time for weekend crowds Friday, pending successful negotiations with the bank.
Bethune said the renovations are hoped to bring increased business to the struggling independently owned theater, which hopes to increase ticket-buyers as the operation goes digital.