Bulldozers began knocking down the old Varsity Theater Monday. Crews were at the University Avenue site tearing down the structure.

The 68-year-old theater was known for showing independent and feature films. But it closed its doors in June because of poor profits.

The site now belongs to Kamehameha Schools.

But a business across the street with a similar name is hoping to keep and preserve a part of the theaters.

"This is the Varsity sign from the theater across the street, this was the marquee sign that had Varsity on both side in neon," said The Varsity Bar Managing Partner Nick Schlapak.

"What do you plan to do with it?," asked KGMB9.

"We're hoping to get a permit from the building department or the sign department to use as our own sign to preserve it," Schlapak said.

The site will be turned into a parking lot.

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