From what I can see there was an early incarnation of this theater called the Bessemer going back to the late 1800's. Then came the Rex in the 1920's and finally back to the Bessemer again.
There are also mentions of the Our, the Liberty and the Strand in this town. My gut tells me these are all the same theater in one form or another. The theater was condemned, sat empty and was eventually razed.
The town wanted to build a new theater from the 1950's on but it doesn't appear the project ever came to fruition. I will keep digging.