Rick’s Cabaret International, Inc. Signs Letter of Intent to Acquire Schiek’s Palace Royale Gentlemen’s Club in Minneapolis
Rick’s Cabaret International, Inc. (NASDAQ: RICK) said today it has signed a letter of intent, subject to execution of definitive documents, to acquire the Minneapolis gentlemen’s club currently operating as Schiek’s Palace Royale for $3,050,000.
In addition a subsidiary of Rick’s Cabaret will pay $3,250,000 to acquire the real estate where Schiek’s Palace Royale is located.
When completed the acquisition from VCG Holding Corp. (NASDAQ: VCGH) would bring to 23 the number of clubs in the Rick’s Cabaret group nationwide and will be the company’s second club in Minneapolis. Schiek’s Palace Royale is located at 115 South 4th Street, around the corner from the existing Rick’s Cabaret in the heart of downtown Minneapolis.
The letter of intent calls for signing of definitive documents on March 15, 2011, with a closing five business days after all licenses for an adult cabaret to serve liquor and conduct topless entertainment have been satisfactorily issued to Rick’s Cabaret.
Said Eric Langan, president and CEO of Rick’s Cabaret: “This acquisition gives us a terrific package of gentlemen’s clubs in the Minneapolis area. It is consistent with our program of ‘clustering’ clubs to increase management, marketing and purchasing efficiencies. It is within our target for immediate accretion to our earnings, and the venue fits our profile of upscale facilities offering a premier entertainment experience.”
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