Rick's Caberet International buys Schiek's in Minneapolis

Today (July 29th, 2011), Rick's Cabaret International, Inc. completed its acquisition of Minneapolis club "Schiek's Palace Royale." Rick's paid $2,875,000 for the business and $3,250,000 for the real estate associated with the club. The club, located in a former Federal Reserve Bank building on South 4th Street in downtown Minneapolis, has reopened as "The Downtown Caberet," and Rick's says they intend to continue to operate that club and their "Rick's Caberet" location on south 3rd Street.

Closing on the transaction had been delayed by the shutdown of Minnesota state government offices, which prevented issuance of required alcoholic beverage licenses.

In a press release, Eric Langan, president and CEO of Rick's Cabaret said: “The Downtown Cabaret is a great location for us. We now have the top two clubs in the Minneapolis market, along with accompanying efficiencies in management, marketing and purchasing. We will be announcing details of our grand opening very soon and we think the market will be delighted with the changes we'll be making.”