Rick's Cabaret International, Inc. Completes Acquisition of Gentlemen's Club in Charlotte, NC
Rick's Cabaret International, Inc. (NASDAQ:RICK), which operates upscale gentlemen's clubs, today completed the acquisition of a 30,000 square foot three-in-one nightclub complex in Charlotte, North Carolina.
Under terms of the purchase agreement Rick's Cabaret acquired the venue formerly known as The Manhattan Club from Top Shelf LLC, for $1,000,000 through the issuance of 180,000 shares of restricted common stock and a seven-year, seven-percent promissory note for $325,000. Rick's Cabaret has been operating the club since February 1st under a management agreement.
The new Rick's Cabaret-Charlotte offers adult entertainment for men seven days a week in an upscale gentlemen's club cabaret, presents a male review for women five nights a week in an adjoining self-contained 8,000 square foot club, and operates a traditional nightclub in the third section of the building (at 5300 Old Pineville Road).
"In just four months we have created the premier adult playground in Charlotte," said Rick's Cabaret CEO Eric Langan. "We are here to stay for the long term. We think our three-in-one concept is perfect for this receptive and rapidly growing customer base, which has been very receptive to the Rick's formula of friendly customer service plus extraordinarily beautiful girls for the gentlemen and good-looking guys for the ladies."
This is the second major acquisition announced this year by Rick's Cabaret. On January 18th the company purchased the former Paradise Club in midtown New York City, which will open later this summer following extensive remodeling.
The new Rick's Cabaret-Charlotte offers adult entertainment for men seven days a week in an upscale gentlemen's club cabaret, presents a male review for women five nights a week in an adjoining self-contained 8,000 square foot club, and operates a traditional nightclub in the third section of the building (at 5300 Old Pineville Road).
"In just four months we have created the premier adult playground in Charlotte," said Rick's Cabaret CEO Eric Langan. "We are here to stay for the long term. We think our three-in-one concept is perfect for this receptive and rapidly growing customer base, which has been very receptive to the Rick's formula of friendly customer service plus extraordinarily beautiful girls for the gentlemen and good-looking guys for the ladies."
This is the second major acquisition announced this year by Rick's Cabaret. On January 18th the company purchased the former Paradise Club in midtown New York City, which will open later this summer following extensive remodeling.
