This location, now a Gamecock memorabilia store, and apparently starting life as a college hang-out called The Twilight Lounge at one time housed one of the most controversial businesses in Columbia: Chippendolls, a nude dance club.
I'm not sure exactly when the place started. There is a very long and extremely dry 1995 legal opinion on Chippendolls's application for an ABC permit which suggests that the establishment became a strip club around 1988. I was living out of town for most of the period of the Chippendolls controversy, but my memory is that the club had the standard grumbles from the neighbors while it was a topless club, but was operating mostly below the radar of the city establishment as a whole.
That changed when the club decided to go from topless dancing to fully nude dancing. Apparently those few square inches of cloth made a big difference and trying to close the club became quite a local cause celebre for a while -- I believe there were a number of zoning efforts made to shut it down. Either one of them finally succeeded, or the club ran into trouble of its own making, as these places often do. For whatever reason, it has been gone for many years now. In fact, I was a bit surprised to see the 1995 date on the ABC action. If you had asked me, I would have said it hadn't lasted that long. The city continues to have a number of strip clubs, but I don't believe any dare to go bare now.
UPDATE 25 Aug 2009: Added The Twilight Lounge to the post title.
UPDATE 12 May 2010: Added the 1998 Bellsouth Yellow Pages ad for Chippendolls
UPDATE 10 June 2011: Changed the closing date in the post title to "12 September 1997" based on commenter Michelle's info. (Which made me relook at the phonebook mentioned above -- It's actually the Feb-97 through Feb-98 (ie mostly 1997) phonebook.