(8 Apr 1999) Farsi/Nat
Action stars party at troubled restaurant
Despite declining sales and huge losses, PLANET HOLLYWOOD boys BRUCE WILLIS and WESLEY SNIPES were partying hard in the Madrid branch this week in last ditch bid to head off rumours that the themed restaurant is about to close. The two action stars sprinkled a little Hollywood glitter on the waiting fans who lapped up the event.
The burger chain has been plagued with problems over the past months. KEITH BARISH , a co-founder of Planet Hollywood International, resigned as a board member at the struggling restaurant chain at the end of March after selling nearly half of his stock holdings. No reason was given when Barish's departure was announced Thursday.
Barish, who resigned as chairman last year, still owns 12.4 percent of Planet Hollywood. Before the sale of his 10 million shares at $1.75 each, announced earlier this week, he held 22.1 million shares, or about 25 percent of the company.
The California film producer co-founded Planet Hollywood with Robert Earl in 1991 and star actors Sylvester Stallone, Arnold Schwarzenegger, Bruce Willis and Demi Moore.
At the height of its popularity, the chain boasted huge celebrity parties; played host to glamorous premieres and held numerous celebrity endorsements. Branches opened around the world - from Chicago to Jakarta. No details have ever been revealed of the exact nature of those stars involved. Although the chain claimed the likes of Willis and Stallone had invested money in the venture, the belief is they are merely payed a hefty retainer to appear as frontmen.
The restaurant chain has fallen on troubled times since then, losing more than $10 million in the third quarter and about $15 million in the fourth quarter of last year. Analysts say aggressive expansion and increased competition hurt the company. The chain has plans to relaunch under the new name Planet 2000.
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