Under the terms of the sale agreement, Rick's purchased alloutstanding shares in Miami Gardens Square One Inc. and StellarManagement Corp., Tootsies' locally based owners, for $15 millionin cash and $10 million in promissory notes, payable with monthlyinterest-only payments and a balloon payment of the principal duein three years. Rick's also assumed leases on all of the clubs'property that, with options, run through June 2034.

"We're keeping the name Tootsies Cabaret," a Rick's spokesmantells GlobeSt.com. "There's a lot of brand name equity in the club,and it does very well. We may, at some point, incorporate theRick's identity into the name."

Tootsies, a multi-level club located at 150 NW 183rd St., hasfull restaurant service, three liquor bars, a 400-sf theater-likestage on the first floor, more than 30 plasma TV screens, 11projection screens, a private champagne room and three privatedance rooms. The VIP level includes five skybox rooms and otherprivate dance rooms, including one in a replica of a New York Citysubway car. The property also includes more than five acres ofoutdoor parking and approximately 200 indoor parking spaces.