Stars' burger bar sinking into debt
Tuesday 06 April 1999
Despite its star shareholders - who include Sylvester Stallone, Demi Moore and Whoopi Goldberg as well as Willis and Schwarzenegger - the non- stop media coverage of its fancy openings and showbiz parties and its very public quotation on the New York Stock Exchange, the chain is sinking ever deeper into debt and has started missing interest repayments. Last week, Planet Hollywood International reported a loss of $228m (pounds 146m) for the fourth quarter of 1998, bringing its total losses for last year to $243m. The five celebrities shared a block of $12.7m shares and face a huge loss on their portfolios.
It appears to have expanded too fast, suffered from increasingly crowded competition and failed to lure the curious, first-time diners back. Since its opening five years ago, Planet Hollywood has opened in cities all over the world. But it is putting its Times Square restaurant in New York up for sale, as well as its headquarters in Orlando, Florida. The company is revising its menu and changing booking procedures to try to return to profitability.
- 1 I was a Woman Against Feminism too
- 2 Fifty Shades of Grey movie trailer released: First look at Jamie Dornan as Christian Grey
- 3 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 4 Students offered grants if they tweet pro-Israeli propaganda
- 5 The Tory donor whose firm is one of Britain’s biggest tax avoiders - with HMRC's blessing
Vladimir Putin employs a full-time food taster to ensure his meals aren't poisoned
Peaches Geldof: Her final day – and her fatal decision
Students offered grants if they tweet pro-Israeli propaganda
Israel-Gaza conflict: Israel may have committed war crimes, says UN human rights chief
Taiwan plane crash: Typhoon Matmo could have caused TransAsia Airways disaster, airline suspects
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
£30000 - £38500 Per Annum + 25 days holiday, pension, subsidised restaurant: C...
£34000 - £37000 Per Annum + excellent benefits: Clearwater People Solutions Lt...
£40000 - £45000 per annum + Pension, Holiday, Flexi-time: Progressive Recruitm...
£280 - £320 per day: Progressive Recruitment: C#, WinForms, Desktop Developmen...