USA: Auditors question future of bright star Planet Hollywood

Planet Hollywood International is still recording significant operating losses, leaving its independent auditors PricewaterhouseCoopers to question its future. The restaurant group, which is partly owned by the famous film trio Sly Stallone, Arnold Schwarzenegger and Bruce Willis and enjoys a near cult following for its collections of popular film and rock star paraphernalia, scraped away from the threat of bankruptcy in 1999 and insists that it will do so again, undertaking a "concept revitalisation" strategy to increase sales.

April 18, 2001

Planet Hollywood International is still recording significant operating losses, leaving its independent auditors PricewaterhouseCoopers to question its future. The restaurant group, which is partly owned by the famous film trio Sly Stallone, Arnold Schwarzenegger and Bruce Willis and enjoys a near cult following for its collections of popular film and rock star paraphernalia, scraped away from the threat of bankruptcy in 1999 and insists that it will do so again, undertaking a “concept revitalisation” strategy to increase sales.

The chain is adamant that it is able to meet all its financial requirements in 2001, having improved sales throughout its outlets and boosted existing cash reserves with the proceeds from the sales of assets.