March 18, 2008 06:28am
Rick's Purchases Philly Club
Source: Rick’s Cabaret International, Inc.
by: Company Press Release
(HOUSTON, TX) -- Rick’s Cabaret International, Inc. (NASDAQ/GM: Rick), premier operator of upscale gentlemen’s clubs, said today it intends to finalize the purchase of Crazy Horse Too Cabaret at 2908 South Columbus Blvd. on or before March 28, 2008.
The company said the Pennsylvania Liquor Control Board has approved the transfer of the liquor license for the nightclub and it is awaiting completion of final permitting requirements.
Rick’s Cabaret is acquiring 100 percent of the End Zone, Inc., current owner of the upscale 25,000 square foot nightclub, and is funding the purchase with cash on hand. The club will be converted to the Rick’s Cabaret format that has been successful in markets including New York City, Houston, Minneapolis and other cities.
A remodeling project is nearly complete that includes an upscale steakhouse and sports bar in the club, which is located just south of Center City Philadelphia, near the major sports complex where Philadelphia Phillies, 76ers, Flyers and Eagles games are played and across from the site of a proposed new gambling casino.
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