include strip clubs, are in privately held ownership. Two strip club companies are publicly traded in U.S. financial markets and listed on NASDAQ: VCG Holding Corp. (VCGH) and RCI Hospitality Holdings, Inc. (RICK). In February 2010, the two clubs agreed in principle to merge, with Rick's Cabaret acquiring VCG Holding. The estimated purchase price, according to the statement of intent, was for the acquisition using RICK stock to be at a value of US$2.20 to US$3.80 per share. The US$45 million deal fell through after the statement of intent expired on March 31, 2010, with Rick's Cabaret unable to enter into a definitive merger agreement to acquire all of VCG's outstanding stock. A third publicly traded company, Scores Holding Company, Inc. (SCRH), licenses its brand to strip club operators but does not own or operate any club properties itself. Publicly reported earning statements for U.S. companies operating strip clubs have not provided guidance on how they define their market segment, non-public competitors, or overall industry revenue. The largest operator of strip clubs internationally is Déjà Vu, which has over 130 locations worldwide. Financial trends The rapid expansion of the strip club industry observed in the 2000s occurred primarily in the Western world. Far from its heyday in the 1980s and 1990s, Japan's sex industry has been in a protracted slump in the first decade of the 21st century, as the overall economy experienced a recession. Its hostess and strip bars (those which had not closed outright) felt the impact of dwindling corporate spending accounts, leading to increased competition (and reduced boundaries) for remaining patrons. Profitability of strip clubs, as with other service-oriented businesses, is largely driven by location and customer spending habits. Clubs closely proximate to Wall Street in New York, New York are notorious for hosting meetings with financial industry power brokers, among other business heavyweights, which are frequently expensed on company bankrolls. Since clubs located in urban areas or business centers have caused concerns over traffic and social issues, some club owners with common interests in close proximity have shared representation without consolidating their businesses. After numerous incidents during the 1990s with local and state government, Downtown Entertainment Inc. was formed in 2000 to represent the interests of business owners on The Block in Baltimore, Maryland. Strip clubs which practice Generally Accepted Accounting Principles (GAAP) typically report negative working capital, where current liabilities exceed current assets. Clubs receive