Say goodbye to the Playboy Club — again.

After just one year in business, the owners of the new Playboy Club at the Cachet Hotel on West 42 Street are packing up their Hugh Hefner memorabilia and rebranding the space as a steak house and entertainment venue sponsored by events promoter Live Nation, sources tell The Post.

The revamp comes as the club’s owners seek to boost business in the #Metoo era, where companies are no longer game to reimburse employees excursions to a club famous for its scantily clad women, sources said.

The club — which sells memberships but also has a bar that’s open to the public — is often packed on the weekends but has had trouble drawing a crowd on weekdays, sources told The Post.

“It’s a powerful brand and has a huge following but may work better in less sophisticated cities,” one source said. “New Yorkers are too cosmopolitan and aren’t going there for serious business dinners.”

Indeed, when the club opened last September as the city’s first Playboy Club since 1986 it was quickly ridiculed. “For a mere $5,000 a year, you can step back into the early ’80s and thumb your nose at the 21st century,” luxury publication Robb Report said of the club’s starting annual membership fees.

“Playboy Club is back and sounds just a ridiculous as ever,” Eater wrote at the time.

The venue is now dropping the polarizing Playboy name and rebranding as Live Nation Theater at Cachet Hotel — thanks to a ten-year deal between Cachet’s owners, Merchants Hospitality, and Live Nation.

The deal is worth $88 million, sources said.

The new club will include a new Merchants Steakhouse within the former Playboy Club, which will provide food for the club’s Live Nation venues. Staffers will be offered new jobs — sans the bunny tails and ears.

Bunnies and other employees were informed of the change Thursday night.

“Everybody will be offered comparable jobs with the new Live Nation venue and Merchants Steakhouse,” said Abraham Merchant, who runs the company with Adam Hochfelder and Richard Cohn.

The dining area will be redecorated — starting with the packing and storage of the costumes and extensive Playboy memorabilia that line the club’s walls for possible future use. But the dark wood, rich marble, red tufted chairs, baroque wall papers and crystal chandeliers will be incorporated into the new Steakhouse.

Merchants says existing Playboy Club Members will get VIP access to the Live Nation Theater among other perks, including concert tickets and dinners at Merchants Steakhouse.

The company will reimburse member fees, which cost up to $100,000 a year, to any Playboy members who doesn’t want to be a part of the new club.

The changeover is expected to take place as early as next month but will be determined by a yet-to-be-announced event, sponsored in part by Live Nation, to kick off the new concept, sources said.

The first Playboy Club opened in Chicago on Sadie Hawkins Day in 1960 as an extension of Hugh Hefner’s Playboy magazine and quickly grew to a global chain of 30. The clubs were all tease with the Bunnies busting out of skimpy satin costumes that featured tall ears and a fluffy cotton tail along with a bow tie and wrist cuffs .

Bunnies that worked their tails off before jumping into wider fame include Kate Moss, Debbie Harry and Lauren Hutton. But as women were empowered, the Bunnies were left behind. The New York and Los Angeles clubs closed in 1986 with the last shutting its doors in 1991.

Playboy Enterprises relaunched a club within the Sands Casino in 2006 and they started multiplying into Asia. All have since closed but for a bar in Mumbai and another as a casino in Mayfair, London that is owned by Playboy Enterprises and managed by Caesars Entertainment where among other chores, Bunnies serve afternoon tea.

In 2017, Merchants bought the lease on the former gay mecca, the Out Hotel at 512 W. 42nd St. between 11th and 12th avenues.

It spent millions converting it into the 105-key Cachet Hotel NYC and launched the Playboy Club with its numerous warrens and intimate spaces in September of 2018. Memberships ranged from $5,000 to the $100,000 “Mansion” level, which provided access to all the rooms, including the Rabbit Hole.

The new “Live Nation Theater at Cachet Hotel” will become one of Live Nation’s smaller venues providing more intimate experiences. The new venue will also host higher priced performances and meet-and-greets on singers’ nights off from the Barclay’s Center or Madison Square Garden, for instance.

“We saw a real opportunity to create the best live music concert venue in a VIP setting,” said Merchant. “Live Nation’s successful track record building out VIP experiences shares the same brand ethos as Merchants Hospitality and its portfolio of properties.”