James Dolan, the CEO of Cablevision, which runs the 1,131-seat movie house, told the industry paper that the cinema will likely close. "It loses a lot of money. The theater business is a tough business," Dolan said.
However, on April 7 Cablevision issued a statement that said "the situation has changed and the Ziegfeld will remain open for the foreseeable future." Bow Tie Cinemas manages the Ziegfeld on behalf of Cablevision. The Hollywood Reporter says that Cablevision is reportedly searching for another company to take over its lease, which runs through 2018.
Built in 1969, the movie house is located at 141 W. 54th St. and is the largest in Manhattan.
It shouldn't be confused with the Broadway theatre of the same name, which stood nearby on the northwest corner of 54th Street and Avenue of the Americas from 1927 to 1966.