from www.bizjournals.com - The owners of Rick’s Cabaret Austin have decided to keep the gentleman’s club and reopen with a new concept, following a failed attempt to sell the business.
Houston-based Rick’s Cabaret International Inc. (NASDAQ: RICK) was in line to sell the Austin Rick’s after about a year on the market, but the buyer's financing fell through, according to a spokesman.
Instead, the company, which reported revenues of $60 million last year, will renovate the entertainment venue with a new, yet-to-be-defined concept. The relaunch is expected sometime this March. Rick’s has owned the club since 2006.
The company also implemented new parking services that transport guests from nearby venues.
Rick's purchased the Joy club Dec. 21 for $5.2 million and made some cosmetic upgrades and sign changes. It also owns an XTC Cabaret off Springdale Road.
Rick’s employs about 1,100 nationwide and operates nightclubs in New York City, Miami, Philadelphia, New Orleans, Charlotte, Dallas, Houston, Minneapolis and other cities. It reported $7.6 million net income in 2008.
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