Shares of Rick’s Cabaret (RICK) are down 7% following a dubious NYP article about a wave of bankers-turned-strippers.
Even a wet kiss from CNBC on the stripping business isn’t helping matters.
With shares trading at 4.22, the market cap is a mere $39 million, down 81% from its highs.
Not that there was any doubt, but HuffPo has more on the implausibility of female bankers becoming stripper en masse.
Scores? Scores?!? You mean, like, 40? 40 women who had six-figure incomes earned on Wall Street, the fashion industry and real estate have become strippers in Manhattan? It is, of course, mathematically possible, but I just don’t believe it. By google search, there appears to be no more than a dozen strip clubs in Manhattan. I have no idea how many strippers each club might employ-perhaps some reader could educate me. But 50 would seem like a big number. That would mean there’s about 600 strippers in Manhattan. Did one in 15 of them formerly earn $100,000 in business? Really?
For what it’s worth, the article names two, Randi Newton, once of Morgan Stanley, and Katie Haverton who had been a real estate broker, plus a girl named Becky (no last name given) who had been a pastry chef. One of those nubile, 20-something, six figure-earning pastry chefs that were all over town before the crash, no doubt. I’d very much like to see the Post produce the other 38.
It’s really too bad for Rick’s that the story wasn’t true, since it implied that strip clubs had no problem adding girls at a $160,000 per year salary. Alas, with the natural clientele diminishing, that can’t be the case.