Rick's Cabaret International Inc. announced that it will open another strip club in midtown Manhattan following its acquisition of an adult bookstore near Times Square.

Rick's will pay $3 million for the business, including $1.5 million in cash and the other half in 6% promissory notes convertible into Rick's stock at a conversion price of $10.25.

The location is key to the deal. The new club is expected to be open next year.

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