The Sunset Strip-based Key Club closed its doors on Nov. 29, making it the second Hollywood or West Hollywood music venue to go out of business since October.

But it may not be closed for good.

Its president, Keith Pressman, told the Los Angeles Times that the club could reopen again in February with a new partner.

“As far as everyone is concerned we’re dead and buried, but this is just a temporary thing,” he said.

According to the Times, there was no official announcement of an impending closure, but the club cleared its December calendar of performances and told promoters to book shows elsewhere.

Pressman went on to tell the Times that the Key Club could be up and running again as early as February, but is now staying mum on a date.

On Monday, he told The Independent that he is working on “negotiations regarding the future direction of the club” and that “once the deal closes, we’ll be able to release details.”

That announcement could come at any time, Pressman said.

Sunset Strip Business Association Executive Director Todd Steadman said he was thrilled when heard the Key Club could be reopening, adding that live music is synonymous with the Sunset Strip.

“We need to retain that venue there as part of the music experience — that’s what we’re known for, that’s what differentiates us from other areas of the city,” he said, adding: “It’s important that the music experience is supported here on the strip."

The Knitting Factory in Hollywood shuttered in October and little word has been heard since then, but a new message has appeared on its Web site.

“Knitting Factory Entertainment is currently in the process of relocating our Los Angeles location. Keep visiting this site for details and announcements,” the message reads.

Much like the fate of the Knitting Factory and the Key Club, some music venue owners say the Sunset Strip and Hollywood Boulevard music venues have been going through their own share of ups and downs this year.

Michael Maglieri, whose family has owned Whiskey a Go-Go for more than 50 years along with The Rainbow Bar and Grill, said he believes the worst of the current economic downturn has passed and looks to more improvement in the near future.

“Quite honestly, the worst is over,” he told The Independent. For now, Maglieri said he’s not making as much money, but he’s not losing much either.

“We’re breaking even,” he said. “We’re not breaking records. In a normal economy I would be 20 percent up from last year, but right now, we’re just holding our own.”

He also contends that he has faced tougher times, such as slow business as a result of the 1992 L.A. Riots.

Another thing Maglieri said he has noticed is the decline of record company-sponsored events that draw in crowds.

Roxy owner Nic Adler told the Times that 2009 has been “worse than you can imagine” and that while attendance is holding steady, patrons are spending less money.

As for the House of Blues, one of the area’s largest music venues, its future remains foggy as a potential demolition date stays dependent when construction begins for the Sunset Times, a two-acre mixed-use development owned by Combined Properties.

The House of Blues rests on a portion of the site for the proposed project.
Steadman said things will start to turn around more and quickly with the upcoming openings of new restaurants and other attractions.

As part of West Hollywood’s 25th Anniversary Capital Improvement Project, Sunset Boulevard will be repaved.

In addition, 2010 will see the opening of the Soho House, an upscale lounge on the top of Luckman Plaza at 9200 Sunset Blvd.

“A lot of exciting things are going to happen in the next six months,” Steadman said.