It may also have to do with declining revenues to Playboy. Its time, like all pre-internet media, has passed.
I worked in that building back in the 70s when the club was still open, but you could tell even then that it was declining by the clientele it was attracting. It had a good, long run.
My MBA comprehensive exam was Playboy Enterprises. It had a load of financial and operational problems back then. I see it has only gotten worse.