Lubbock sexual oriented business bought out Thursday - KCBD NewsChannel 11 Lubbock

Lubbock sexual oriented business bought out Thursday

LUBBOCK, TX (KCBD) -

Jaguar's, a sexually oriented business south of Lubbock, has been bought out by a publicly traded company, Rick's Cabaret International.  It's one of 11 Jaguar's locations that are part of a deal worth roughly $40 million. 

Two of the clubs are referred to as "under development."

A written statement from Rick's Cabaret said Thursday, "The clubs to be developed are in Lubbock and Odessa and are expected to open as Rick's Cabaret locations within a few months of closing the transaction."

The company describes itself as, "… the home to upscale adult nightclubs serving primarily businessmen and professionals."  It also says Rick's locations, "… offer live entertainment, dining and bar operations."

The company operates as Rick's Cabaret, XTC, Club Onyx, Tootsie's Cabaret and other brand names nationwide.  It claims that no touching is allowed at any club location.

The written statement also says, "The purchase agreement provides that in the event the State of Texas seeks to enforce or attempts to collect obligations or liabilities due from Jaguars Clubs under the Texas Patron Tax or ‘Pole Tax,' the promissory note for the clubs will be reduced according to a formula that reduces the purchase price by as much as $6 million."

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