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The brand is clearly worth more than the products they sell right now. Walk down a street and ask people if they know what Playboy is and most people will say yes. Then ask them if they buy the magazine or subscribe to the sites and most will say no.
I had read that they plan to start opening up a chain of clubs and using the brand in other ways. That could be something that is very profitable for them if done correctly. I know Playboy clubs were once popular places, they could be again.
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