|
Planet Hollywood broke Pt. II
|
 |
October 19, 2001: 6:38 p.m. ET
Planet Hollywood files for Chapter 11 again, two years after initial filing.
|
NEW YORK (CNNmoney) - Bruce Willis, can you spare a dime?
Theme restaurant company Planet Hollywood International Inc. said Friday it filed for bankruptcy protection again because of the downturn in tourism after the Sept. 11 terrorist attacks.
The company said it filed for Chapter 11 reorganization in U.S. Bankruptcy Court for the Middle District of Florida, and such measures will enable all restaurants to stay open for business.
Planet Hollywood (PHWD: Research, Estimates) stressed it was back on the road to profitability, focusing on core restaurants in major tourist locations, but reluctance in tourist travel has proved costly.
"The enormous decline in tourist travel, particularly by air, the low occupancy of hotels, coupled with cancellations of conferences, conventions, school group travel and weak attendance throughout the country created an untenable position for the company just as it had been reestablishing its financial footing," Planet Hollywood said in a statement.
The company had just emerged from bankruptcy last year, paring down its company to focus on 60 movie-themed restaurants.
Planet Hollywood filed for Chapter 11 protection almost exactly two years ago, citing mounting debts.
The company is 70 percent owned by investors who include Saudi Prince al-Waleed bin Talal, Ong Beng Seng, and Chairman and CEO Robert Earl, according to research company Hoovers.
As well as Willis, Arnold Schwarzenegger and Sylvester Stallone own small stakes in the company. 
|
|
|
|
|
 |
|
