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SAN FRANCISCO — Nearly two decades after they made the nation gawk by forming its first unionized strip club, the dancers at San Francisco’s Lusty Lady are hanging up their thongs.

The employee-owned, co-op club will close in two weeks because it can no longer afford its rent.

General manager Scott Farrell tells the San Francisco Chronicle that while the workers own the club, they don’t own the North Beach building where rent was $5,500 a month in 2001 but now runs more than $16,000. That’s far more than the dancers and their wads of ones can manage.

Eviction proceedings began against the club earlier this year when it fell behind on rent. The workers have agreed to vacate by Sept. 2, and the owner says he’ll waive the back rent.