Rick’s Buys Schiek’s, Renamed The Downtown Cabaret
Houston-based Rick's Cabaret International, Inc., on Friday announced that it completed its acquisition of competitor Schiek's Palace Royale in downtown Minneapolis for $2.875 million, as well as the associated real estate for $3.25 million.
The closing of the sale had been pushed back due to the state shutdown, which prevented the issuance of necessary liquor licenses. Rick's said that it has begun operating the club, which has been renamed The Downtown Cabaret. Rick's now owns 22 clubs throughout the country.
“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,” Eric Langan, president and CEO of Rick's, said in a statement. “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.”