Profits in distant future for Planet Hollywood

By Loath on 1999-12-02 12:21:58

Only two months after filing for bankruptcy court protection and announcing retrenchment plans that it said would help put it on track to profitability by next year, Planet Hollywood has filed a reorganization plan that indicates that the celebrity-themed hamburger chain does not expect to make money until 2004, the Associated Press reported Wednesday.?The wire service said that in an attachment to the reorganization plan, the chain, which counts actors Arnold Schwarzenegger, Bruce Willis and Demi Moore among its major shareholders, predicted that it will lose more than $17 million annually in both fiscal 2000 and 2001, $11.8 million in 2002 and $4.7 million in 2003.

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