WILLIAMSBURG, Va. (WVEC) – Almost two weeks after closing its doors, Kimball Theatre in Colonial Williamsburg will reopen.

The more than 80-year-old beloved landmark closed July 6 to save money, but now the college of William & Mary stepped up to run the place.

William and Mary plans to use the building for theatre instruction and performances as well as performances by other university groups during renovations to a theater on its campus.

To the extent possible when not in use by W&M, the university will make the theatre available for community use.

President and CEO of the Colonial Williamsburg Foundation announced earlier this month the foundation is facing serious financial challenges.

By the end of 2016, the foundation’s debt burden stood at more than $300-million, with due dates for repayment coming very soon.

The Kimball Theatre has lost money every year for the past 18 years, including a $782,000 loss last year.

The lease agreement begins August 1 and runs through January 2021.

More information about Colonial Williamsburg's lease with William & Mary can be found here.