NORFOLK-- Granby Theater in downtown Norfolk has gone into foreclosure and is set to be sold at auction next week, according to owner Bobby Wright.
'It's not going to happen,' Wright explained Tuesday.
Wright said Granby Theater will stay open as planned while he is negotiating with Southern Bank and Trust Company on a deal.
Wright said the theater's business is fine, and he recently opened a cafe next door.
Downtown Civic League President Kevin Murphy told 13News Now he hopes the sale will be avoided, as the theater is an asset to downtown.
The Granby Theater was constructed in 1915 in the tradition of the archaic vaudeville and movie houses and was renovated into a nightclub by Wright in 2003.
Steven Phillips recently moved to Norfolk and said he's hoping the theater will stay open. 'I like this place. I've been here, and it's definitely one of my top five places to go,' said Phillips.
City officials closed the club for several months in 2007 after a shooting investigation led to numerous fire and safety violations.