Rick’s Cabaret Expands By Purchasing Another Club in Fort Worth

Rick’s Cabaret International, Inc. (NASDAQ: RICK), the nation’s premier owner of upscale gentlemen’s clubs, has purchased the Fort Worth Gentleman’s Club at 3315 North Freeway in Fort Worth, Texas.
Rick’s Cabaret paid $2 million to Restaurant Associates, Inc. for the club and also obtained options to buy the land on which the club sits and the land adjacent to the club, an aggregate of 2.2 acres.
“This acquisition sends the signal that we are continuing the roll-up program that has been underway for some time and that we will continue to purchase new clubs that will be accretive to our earnings and help fulfill our strategic vision,” said Eric Langan, President and CEO of Rick’s Cabaret.
“Specifically, the purchase of Fort Worth Gentleman’s Club adds significantly to the cluster of clubs we now have in the Dallas-Fort Worth market, giving us purchasing power synergies and marketing advantages, and lets us leverage our regional management strengths,” he added.
Upon completion of plans to open a new cabaret near the DFW International Airport later this year, the Fort Worth Gentleman’s Club acquisition will bring to six the number of clubs owned by subsidiaries of Rick’s Cabaret in the Dallas-Fort Worth market — Rick’s Cabaret and Cabaret North in Fort Worth, XTC Cabaret and Club Onyx in Dallas. The acquisitionbrings to 20 the total number of clubs owned by subsidiaries of the company nationwide, including the flagship Rick’s Cabaret in New York City and Tootsie’s Cabaret in Miami Gardens, Florida.




































June 2nd, 2010 on 7:45 pm
That”s great Moving on Up