Rick's Cabaret International Inc. (RICK) said Tuesday that it has agreed to purchase through a subsidiary the remaining half of a new topless nightclub in Los Angeles County and will now own 100 percent of the venue.
As per terms of a definitive agreement, a subsidiary of Rick's Cabaret will use 100,000 restricted shares of common stock of Rick's Cabaret International, Inc. to purchase the 50 percent of the 12,000 square foot club it did not already own.
The club, which is expected to open in June, is located near major Los Angeles area freeways. The company said the exact location would be announced at a later date.
Closing on the transaction will take place five business days after Mr. Westlund has obtained all necessary permits and authorizations needed to conduct an adult entertainment business at the venue, including any sexually oriented business permits and licenses.
The agreement also provides for a long-term lease for the property with an option to purchase it at a later date.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.