Los Angeles, Jan 21 : Holiday movie classic 'A Christmas Story' is finally getting a sequel, with original star Peter Billingsley set to reprise his role and produce. Warner Bros. and Legendary are backing the production, reports variety.com. 'A Christmas Story Christmas' will be directed by Clay Kaytis from a script by Nick Schenk. A box office failure when it first premiered in 1983, 'A Christmas Story' has become one of the most beloved holiday movies in cinema history. Much of the story's appeal is its simple, nostalgic story about Ralphie (Billingsley), a 1940s kid who desperately wants a Red Ryder BB rifle that everyone, including the local mall Santa, tells him will shoot his eyes out. The new film will take place in the 1970s, with the adult Ralphie bringing his family to his childhood home for Christmas. While the original was shot in Cleveland and Toronto, the home where the movie is shot has even become a tourist attraction, the new film will begin production in Hungary in February. After working steadily as a child actor, Billingsley largely transitioned into producing as an adult, starting as a co-producer of Jon Favreau's 2001 mob comedy 'Madea'. /IANS