The Change.org petition had collected nearly 700 signatures by Tuesday afternoon. The petition's creator, Ann Ross, is seeking 1,000.
News of the beloved theater's upcoming closure sparked emotional responses from fans around Charlotte, who say they want to see the 53-year-old theater stay in business.
In the petition, Ross writes that Park Terrace is a "Charlotte landmark and vital cultural asset to our community." She asks readers to contact Edens, the owner of Park Road Shopping Center, to ask them to keep the theater open.
"(Edens is) based in Columbia, SC and, as such, are removed from recognizing the emotional and cultural impact of this decision, especially for close-in city dwellers, of which there are more and more each day," the petition reads.
Park Terrace, known for showing independent and foreign films, is Charlotte's second oldest movie theater, after the Manor on Providence Road. Park Terrace opened in 1964.