Madison Theater Closes

The Madison Theater in Covington, Ky., closed its doors abruptly in early August.

Texas-based Charles Attal Presents had been booking the venue since February but pulled out after it could not negotiate a purchase price with banks that were threatening to foreclose on the property.

The venue had just unveiled a fall schedule featuring Powerman 5000, Z-Trip, Boys Of Summer and more, but all shows have been canceled or rescheduled for different venues.

Charles Attal Presents talent buyer Huston Powell said his company got on board in December, when the threat of foreclosure was already looming.

“We tried to get involved at that point and negotiate a deal with the current owner and the banks to buy the theatre before it went into foreclosure,” Powell told Pollstar.

However, he said the banks were unwilling to drop their price and eventually demanded that Attal either purchase the property or leave.

“When we got a good look at the theatre and we had a chance to do our due diligence, we felt like in order to get the venue to where we wanted it to be, there were going to be some significant capital expenditures,” Powell said. “When those costs were put on top of what they were asking for the purchase price, we just didn’t feel it was a price we were comfortable paying.”

The venue had been vacant for 24 years when Esther and Charles Johnson purchased the building and gave it a $3 million renovation, according to The Kentucky Post. They opened it in 2001 but the building has struggled financially ever since.

The Johnsons are reportedly still negotiating with the banks and potential investors.

Niilo Smeds