Planet Hollywood was opened in late 1991 in
New York City, at the base of two adjacent office buildings at
130 and
140 West 57th Street.
Arnold Schwarzenegger,
Sylvester Stallone,
Bruce Willis,
Demi Moore, and
Whoopi Goldberg were some of the actors who became investors/promoters. Development was started on a Marvel Comics-based restaurant concept and on a
Planet Hollywood Squares television game show with
King World and
Roseanne Barr's production company based on the
Hollywood Squares. With the success of the merchandise, stand alone retail stores, Planet Hollywood Superstores were opened around 1996. In April 1996, Planet Hollywood
went public on the
New York Stock Exchange at $18 a share. The company's share price reached an all-time high of $32 on the first day of trading; by 1999, it was down to less than $1. The company has gone
bankrupt twice. In addition to going public, the company had
MBNA issue Planet Hollywood VISA credit cards that gave cardholders priority restaurant seating. Planet Hollywood International and
ITT Corporation formed a joint venture for Planet Hollywood casinos. The corporation and
Marvel Entertainment Group agreed to launch the Marvel Mania comic book character-based restaurant concept. The company also had started to develop Chefs of the World concept, which would feature a "'star-studded' culinary staff". ITT Corporation and Planet Hollywood were in discussion early September 1997 for a Planet Hollywood hotel near Times Square. The corporation then formed on September 24, 1997, a joint venture for an
Official All Star Hotel. In the fourth quarter of 1997, the company recorded a $40 million loss. Too much focus on diversification showed that the original chain was neglected with mediocre food, high menu prices and below average service. Barish was replaced by William Baumhauer as president. The franchise in Cape Town, South Africa, had a
bomb attack in August 1998. $244 million in losses were recorded in 1998. With
MTV Networks, Planet Hollywood opened its first Sound Republic in London in mid-1998. In July 1999, the company started its Planet Movies by AMC. At a May 1999, shareholder's annual meeting, the company indicated that a delayed-payment agreement was in negotiation and that they were renovating some and are considering closing other outlets. Causing little change on the company's net profit/loss line, Baumhauer resigned in June 1999, with the company having $359 million in debt on the books On October 12, 1999, the company filed for Chapter 11 bankruptcy in an attempt to reorganize. They closed or sold poorly performing Planet Hollywood restaurants and Official All Star Cafes. It moved to focus to its original theme concept, stopping operation of Planet Movies by AMC and sold its Sound Republic units. Planet Hollywood exited Chapter 11 bankruptcy on May 9, 2000, with the approval of its reorganization plan. New celebrities were sought out for their restaurants while renewing relationships with early recruits. The plan included capital and
debt restructuring including a cash infusion plus new products and improvements to decor and the menu. Planet's first website was launched with entertainment news and chat rooms. In October 2001, Planet Hollywood International filed again for Chapter 11 bankruptcy. Blaming the economic slowdown from the
September 11 attacks, the company had $135 million in debt. Planet Hollywood Resorts International, LLC signed on
Wyndham Hotel Group to develop franchises for Planet Hollywood Resorts in September 2010. In April 2022, Planet Hollywood announced plans to offer more than 60,000 of its memorabilia, including photographs and movie posters, as
NFTs under MetaHollywood. In May 2023, the Planet Hollywood Restaurant located in Las Vegas, at the Forum Shops at Caesars, was permanently closed. The restaurant had been located at the Forum Shops for 29 years. Planet Hollywood opened its original Forum Shops location in July 1994, and subsequently moved to the Forum Shops’ third floor terrace level in 2012. The Cafe Hollywood at Planet Hollywood hotel-casino remains open. In April 2025, PB Restaurants, the operator of Planet Hollywood restaurants in Times Square and at
Los Angeles International Airport, filed for
Chapter 11 bankruptcy. That same month, Planet Hollywood permanently closed the LAX location, leaving 3 locations remaining. PB Restaurants plans to liquidate two of its assets, Planet Express, which operated the LAX location, and Times Square Buffet, which operated the Times Square location which closed back in 2021.
Buca di Beppo In September 2008, Planet Hollywood International Inc. acquired Buca, Inc., the owner of the
Buca di Beppo national restaurant chain.
Planet Hollywood bombing In August 1998, the Planet Hollywood restaurant in
Cape Town,
South Africa, was the target of
a terrorist bombing killing two people. The perpetrators of the bombing stated it was in retaliation for
American air-raids conducted in Sudan and Afghanistan. ==Locations==