Streator Eagle 6 movie theater plans for sustainability, adapts to industry changes

As the movie theater industry navigates changes and recovers from the pandemic’s effects, owner Eric Gubelman and his staff are dedicated to keeping the Streator Eagle 6 Theater in business.

Gubelman said while all movie theaters around the country have faced the long-term impact of COVID and recent inflation, small town theaters have especially struggled, and Streator’s Eagle 6 was no exception.

“Four years ago, the real estate value might have fetched $4 million in the marketplace, but with the state of the industry now, it might get $600,000.”

—  Eric Gubelman, owner of Streator Eagle 6

Gubelman owns two other movie theaters outside of Streator, both in smaller communities.

“The rise of streaming services, accelerated by COVID, disrupted our supply lines for movies and caused a significant drop in demand,” Gubelman said. “We faced closures and uncertainty about when we could open. Even when we were open, Hollywood didn’t have the product.”

Gubelman views the struggles of movie theaters as part of a broader trend affecting small-town businesses, including restaurants, retail shops and other entertainment venues.

“We view ourselves as one of the keepers of the small town flame,” Gubelman said.

General Manager Jamie Wonders said a movie theater can become part of a community’s identity.

“I feel every local theater is a unique entity that resonates with the town’s history, values and preferences,” Wonders said. “They often become the heart and soul of the town.”

In response to these challenges financially, Gubelman has secured a new investor and is working on restructuring his debt, as the property’s real estate value has dropped significantly.

“Four years ago, the real estate value might have fetched $4 million in the marketplace,” Gubelman said. “With the state of the industry now, it might get $600,000.”

Operationally, he and his staff have redefined their approach to the theater’s role in Streator, adapting to the evolving entertainment industry in general.

Their new business model includes offering customers subscriptions, while hosting events and continuing to explore video gaming options such as slot machines.

Wonders said the theater has been hosting events for some of the bigger Hollywood movies. For example, the theater recently hosted an event for “Deadpool & Wolverine,” having nonprofit group, Heroes Inc. in costume to meet and greet movie goers.

“We realize that we’re not just in the movie theater business, we’re in the entertainment business,” Gubelman said.

With a Streator-based investor on board and a plan for the future, the theater is moving forward with optimism.

The focus now is on finalizing debt restructuring and fully implementing the new business model.

For more information on subscriptions and events, visit the Eagle 6 website at www.eagletheater.net/home/