Actor Arnold Schwarzenegger and Planet Hollywood International Inc. said Tuesday that they are ending their formal association after nearly nine years, just as the Orlando, Fla.-based restaurant chain is emerging from bankruptcy reorganization.
Schwarzenegger in 1991 joined fellow action stars Bruce Willis and Sylvester Stallone in lending their names and memorabilia to the chain in exchange for stock. Planet Hollywood said that it retains the rights to use Schwarzenegger's name and likeness in its dozens of restaurants but that the actor has sold his ownership interest.
Schwarzenegger said in a statement: "It was lots of fun and very challenging to come up with and develop the celebrity restaurant concept on an international level. Of course, I am disappointed that the company did not continue with the success I had expected and hoped for."
As part of its recently completed Chapter 11 reorganization, Planet Hollywood closed nine poorly performing restaurants. The company has said it will soon announce the addition of a number of new celebrity investors.