Planet Hollywood Goes Bust
The Planet Hollywood restaurant chain plans to file for Chapter 11 bankruptcy protection while it tries to restructure its operations. The filing is the latest setback for the operator of nearly 80 movie-themed Planet Hollywood restaurants, best known for its hamburgers and its link to celebrity investors Demi Moore, Bruce Willis, Arnold Schwarzenegger and Sylvester Stallone. “We are confident we are taking the necessary steps to revitalize our Planet Hollywood operations,” CEO Robert Earl said Tuesday. As part of the reorganization, the Orlando-based company’s two largest shareholders and the executors of a trust for Earl’s children have agreed to provide a $30 million cash infusion to help keep the international chain of glitzy restaurants going.