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Planet Hollywood Stock at 10 Cents as Firm Enters Chapter 11 for Second Time

ORLANDO-The financially-foundering, celebrity-themed restaurant chain wrote off $282 million in debt the first time; now lists $131 million in liabilities and assets of $121 million.

By Alex Finkelstein | Updated on October 22, 2001

ORLANDO-For the second time in three years, locally based Planet Hollywood International Inc. is avoiding creditors by filing for protection under Chapter 11 of the U.S. Bankrtupcy Code.

The celebrity-themed restaurant, which once sported a stable of Hollywood stars as promoters and investors, is down to 10 company-owned locations and 25 franchised operations in Asia, Europe and the United States. Many of the Hollywood stars are no longer associated with the restaurant enterprise.

The firm, headed by British-born Robert I. Earl, had 60 active restaurants in 1999; 50 locations in February of this year and 40 in September. The company closed six locations in the last six weeks alone, vacating an estimated 180,000 sf of leased space, according to GlobeSt.com research.

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