IMAX theater passes into history

The Charleston IMAX Theatre closed its doors for good today, a victim of declining revenues despite the popularity of such recent features as "Harry Potter and the Order of the Phoenix."

Charleston-based Rivers Enterprises, the owner of the theater, said in a written statement that the decision to close came after much "thoughtful consideration."

The statement, which was released through the city of Charleston, said the company concluded that the "most prudent business decision was to close the theater."

The city and Rivers Enterprises are now working together to find a new occupant for the location, the statement said.

The closure of the Charleston IMAX came so abruptly that its Web site on Monday was still advertising upcoming features. The Web site is trumpeting the showing of "Transformers," which opens on Sept. 21 and was to be shown "only for a limited time."

Attempts to reach personnel at the theater for comment were greeted by a somber message announcing the closure.

Rivers Enterprises' decision to close is the local manifestation of a nationwide trend that has engulfed IMAX, a technology company specializing in larger-than-life films based on its 70mm film format. IMAX Corp. recently reported second-quarter results that showed a 28% revenue decline nationwide, a precipitous drop that added up to a $4.57 million loss for the quarter.

Second-quarter profits from continuing operations replaced a $0.04 per share profit a year earlier with a deficit of $0.11 per share.

Despite the IMAX closure, the city of Charleston continued Monday to tout the Aquarium Wharf area for which the theater served as an anchor as "a vibrant and exciting part of downtown Charleston."

Other active enterprises on the wharf include the South Carolina Aquarium, Fort Sumter Tours, Charleston Water Taxi, Sandlapper Water Tours, Spiritline Cruises and Charleston Harbour Tours.

By Dan McCue , Staff Writer