As I mentioned, I also think that demographic and social trends are unfavorable for this industry. The mainstay of the gentlemen's club used to be travelling businessmen, but the guys to whom this kind of entertainment appeals have aged and many have retired. Strip clubs don't appeal as much to the younger guys coming along because they were raised in a more permissive era - they're much more likely to go to an escort rather than a strip club. And as others have noted, business entertaining at strip clubs has gone out of style. It used to be quite common for a salesman to take customers to a strip club but you almost never see that anymore. In part that's because a lot of today's travelling businessmen, salesmen and their customers are women.
Similiarly, the mainstay of the neighborhood bar-type strip club used to be the blue collar factory worker. But there aren't as many factory workers today, especially the highly paid unionized ones, as manufacturing has become more efficient.