Is The Bottom Falling Out of the Topless Biz?
Houston-based and publicly traded Rick's Cabaret bought two local topless joints last year: the former Executive Club on Stemmons Freeway and the late Platinum Club II off Northwest Highway. Dunno how the latter, rebranded Club Onyx and "catering to African-American gentlemen," is doing. But the former's not raking in the singles the way Rick's had expected. Which is why it's going even nudier this week, says the chain in a press release this morning.
We will re-brand our Rick's Cabaret in Dallas as an all-nude XTC Cabaret later this week and we expect a quick and positive impact. Our primary focus at this time is improving revenues and margins, and if we determine that certain clubs do not have the potential for improvement we will sell them or shut them.
That doesn't sound promising, as Andy Partridge has been known to suffer panic attacks before taking the main stage.
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