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Planet Hollywood Plans Public Offering

Stocks: Celebrity-owned eatery chain intends to pay off $130.8 million in debts.

February 21, 1996|From Associated Press

WASHINGTON — Watch out, Wall Street: The Terminator and Rocky are looking for money.

The parent company of Planet Hollywood, the star-studded restaurant chain, is planning to sell stock to the public. Planet Hollywood International Inc., in a filing with the Securities and Exchange Commission, said it intends to raise an estimated $190.5 million through the sale of common stock.

The restaurant chain is owned by movie stars Sylvester Stallone, Arnold Schwarzenegger, Bruce Willis, Demi Moore and Whoopi Goldberg and other investors.

The Orlando, Fla.-based company is selling shares to pay off $130.8 million in debts to institutional investors, the company said. No date for the stock offering has been set.

Planet Hollywood has 28 restaurants in eight countries featuring gift stores that sell T-shirts and other merchandise with the company's logo and movie-related themes. For its 1995 fiscal year, Planet Hollywood reported revenue of $270.6 million and profit of $20.7 million.

The company is expanding its restaurant and merchandise concept to include sports and comic book themes. Last year, it opened the Official All Star Cafe in New York City, promoted by sports greats Andre Agassi, Wayne Gretzky and Joe Montana. It also plans to open a Marvel Mania restaurant and store, based on the popular comic books, this spring at Universal CityWalk.

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