The building changed hands for the first time in 1922, when it was sold to the McCrory Department Store Chain, the rumor was that they were to build a skyscraper on the site, but nothing ever came of it. The second change of hands came in 1929 when the Paramount Pictures Corporation purchased the theater. Paramount spent $200,000 restoring the building. The restoration included changing the marque in order to display the theaters' new name, Paramount Theater.
In 1933 the building was sold once again to Feiber and Shea, who renovated the theater once again. The building continued to operate until 1976 when the theater closed its doors for good. Many attempts to restore the building occurred throughout the decades. Sadly none were completed, and the building fell further into disrepair. The building was deemed beyond saving in 2013. The city paid $721,000 to demolish the old theater. The restoration was estimated to be over a million dollars. So the historic theater was demoed in 2013, the vacant lot was made into a parking lot.