One can read the story of this famous headline in wikipedia. Here is the 'film synopsis' loosely based on the true story of the headline, which had its own story.
"A nameless gunman (Raymond Barry) robs a shabby downtown strip club, but in his nervousness and haste, he accidentally kills someone. Taking the rest of the bar's few patrons hostage, the disturbed man leads the group -- including street-hardened stripper Candy (Jennifer MacDonald), her lesbian lover (April Grace), creepy businessman Bradford (David Selby) and wheelchair-bound loner Carl (Paul Williams) -- in a violent and perverse variation on the parlor game Truth or Dare".