Blacksburg property owners demand financial statements from Frank Theatres CineBowl & Grille

Frank Theatres still in 'continuing default' documents show

CHRISTIANSBURG, Va. – Frank Theatres continues to be in default of its lease agreement with Blacksburg APF partners, the owners of First & Main shopping center in Blacksburg, according to a letter sent to theater CEO Frank Bruce.

Despite making a $92,510 payment on May 1, Frank Theatres still owes $497,681.61, according to the letter. The outstanding sum includes an additional $5,000 late fee and a $181.60 utility payment for gas services.

The letter was sent to Frank on Monday, four days ahead of an unlawful detainer hearing scheduled for Friday.

Blacksburg APF Partners says in the letter that it will "vigorously enforce all rights available to it under the lease" and seek damages-related costs associated with taking possession and subsequent termination of the lease agreement, including utility payments, attorneys' fees, lock changes, cleaning costs and signage removal.

Property owners cited the lease agreement in requiring Frank Theatres to provide them with accurate financial statements and credit reports within 30 days of receiving the requested documentation.

"Blacksburg APF has been made aware of additional reasons for concern with regard to the financial viability and sustainability of Frank Theatres, including numerous pending lawsuits and outstanding rent payments," according to the documents.

The letter says the request is necessary to protect Blacksburg APF's rights under the lease as well as its rights over the leased property.

The notice comes just weeks after Blacksburg APF Partners locked the doors to the CineBowl & Grille on April 25, saying that it severed ties with the theater and claiming the theater was $450,000 in arrears on its rent dating back to November 2016.

Property owners announced the next day that Texas-based Cingery Entertainment was interested in taking over operation of the CineBowl.

The theater reopened three days later after a Montgomery County judge ordered Frank Theatres to pay an $80,000 bond and demanded that the property owners restore access to the theater.

Attorney for Frank Theatres, Greg Habeeb, was not available for comment.