It will be some time before the marquee of the Rialto Theatre, which always features a changing list of film names, is altered once more. Bill Peebles, the theater’s owner, announced his retirement from owning and operating the cherished Raleigh institution, prompting the historic theater—one of the Triangle’s longest-running independent movie theaters—to temporarily close. This Thursday, the Rialto Theatre revealed its final lineup of movies before closing, which included a mix of new releases and the timeless “The Rocky Horror Picture Show.” But Peebles told supporters in an Instagram post on the Rialto Theatre account that they wouldn’t be the last to appear on the Five Points theater’s screen. The Rialto, which specialises in art and indie films as well as special events, is anticipated to “resume operations in the near future.” Peebles, who announced his retirement earlier this month, gave these reasons for the temporary halt in operations: his retirement and market conditions. Additionally, he discussed how the epidemic has caused “a hole in available merchandise now entering theatres countrywide,” which has an impact on the movies that can be screened at the Rialto.

Hollywood was shut down for the Pandemic “when the country was,” he wrote. He previously admitted to The News & Observer that the theater’s future was uncertain while it was looking for new owners. He said to The N&O on Tuesday that he still had no idea when the Rialto will change hands but hoped that would happen by the end of the year.

He is enthusiastic about the Rialto’s future and hopes that it will build on the work he has already done to transform the theatre, which opened its doors in the 1970s, into what it is now. In a phone conversation, Peebles explained, “What’s happening is we’re interviewing many groups of folks and we’re trying to pick out people who have the best ideas.” “I completely anticipate the theater’s cosmetic refurbishment to change, and it will take more than one day. Less than six months will pass. It could last for two weeks or two months.