January 15, 1999 |
Planet Hollywood International Inc. said it will make over its movie-themed eateries and exit secondary businesses, with an eye to stopping financial losses by 2000. Planet Hollywood, which lost money in the first nine months of 1998, said it will take a year-end charge of between $130 million and $160 million for the moves. It said sales at its restaurants open a year or longer fell 19% in the fourth quarter and it expects a 26% drop in total revenue to $75 million for the period.
February 16, 2002 |
Sylvester Stallone has sued his former business manager, claiming that his financial advice led the actor to lose as much as $10 million on the stock of Planet Hollywood International Inc., a theme restaurant chain. Stallone, who along with fellow Hollywood celebrities Arnold Schwarzenegger and Bruce Willis helped launch Planet Hollywood in 1996, claims Kenneth Starr of Starr & Co. dissuaded him from selling his 3.9 million shares when the stock traded as high as $20 in 1997.
November 13, 1998 |
Planet Hollywood International Inc. is seeking to speed construction of restaurants overseas by offering new financial incentives to one of the company's primary franchisees, Prince Alwaleed bin Talal of Saudi Arabia. The billionaire investor, a nephew of Saudi Arabia's King Fahd, has agreed to develop Planet Hollywood restaurants in 23 countries in the Middle East and Europe.
July 22, 1998 |
Planet Hollywood International Inc., which operates about 80 movie-themed restaurants, said it hired Goldman, Sachs & Co. and Bear Stearns & Co. to help find ways to boost the value of its shares. The Orlando, Fla.-based company said the investment firms will open discussions with potential financial and strategic partners. They will also consider buying back shares and other alternatives. Shares of the once highflying chain have fallen 73% over the last year as repeat customers have been few.
January 26, 2000 |
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.
October 20, 2001 |
Planet Hollywood International Inc. said Friday that it and 18 of its units had filed for Chapter 11 reorganization in U.S. Bankruptcy Court in Delaware, saying the aftermath of the Sept. 11 terrorist attacks had affected the restaurant chain's core business. The Orlando, Fla.