Rick’s Cabaret International, Inc. Says It Will Take an Impairment Charge Primarily Because of Its Las Vegas Nightclub
Rick’s Cabaret International, Inc. (NASDAQ: RICK), the nation’s leading chain of upscale gentlemen’s clubs, said today it will take an impairment charge of between $20 million and $23 million in fiscal 2010, primarily because of the poor performance of the Rick’s Cabaret Las Vegas nightclub it purchased in 2008.
Rick’s Cabaret International, Inc. (NASDAQ: RICK), the nation’s leading chain of upscale gentlemen’s clubs, said today it will take an impairment charge of between $20 million and $23 million in fiscal 2010, primarily because of the poor performance of the Rick’s Cabaret Las Vegas nightclub it purchased in 2008.
The exact amount of the impairment charge, which also will include lesser amounts from two other underperforming properties, will be determined after a final valuation is performed and will be recorded in the quarter ending September 30. It will be reported in December in the company’s Form 10-K. The impairment charges will have no effect on the company’s debt covenants under any existing real estate loan arrangements and will not result in future cash expenditures.
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