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Stock Market & Financial Investment News

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March 24, 2014
09:02 EDTRICKRick's Cabaret agrees to purchase Club O for $11.06M
Club, is located in a suburb of Chicago. Rick's plans to expand and convert it to the company's Tootsie's Cabaret mega gentlemen's club format. Cost of the acquisition is $11.06M, which includes $2M for the real estate. Assuming transfer of all necessary permits, licenses and other authorizations, and other items subject to due diligence, closing is expected on or before May 31. Payment will consist of $4M in cash; a number of restricted shares of Rick's common stock valued at an aggregate of $1.56M; and a $5.5M, five-year 4% promissory secured note.
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