Move is 2nd time for chain, Sept. 11 attacks blamed
Planet Hollywood can’t catch a break. The once high-flying celeb-backed chain filed for bankruptcy Friday, for the second time in two years, blaming the terrorist attacks of Sept. 11.
“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 at all tourist attractions throughout the country created an untenable position for the company just as it had been reestablishing its financial footing,” the Orlando, Fla.-based company said in an SEC filing.
Planet Hollywood had been restructured and streamlined since its previous bankruptcy, shuttering all but its most profitable and high-profile restaurants in locations like Times Square, Piccadilly Circus, the Champs Elysees, the Las Vegas strip and Disney World.
Company said all venues will stay open as management, led by chairman-CEO Robert Earl, works out a reorganization plan.