"Restaurants have always been a tough business, made even more so since the COVID-19 pandemic. Restaurant bankruptcies seem to happen on a fairly regular business, even to big name chains such as Red Lobster and TGI Friday's. Filing bankruptcy (especially chapter 11 bankruptcy, which is basically a restructuring) does not necessarily mean the end of a restaurant chain. Some companies have declared bankruptcy more than once, including Friendly's, which has beat it twice and avoided total failure."
"Planet Hollywood first filed for bankruptcy in 1999, and then again in 2001. There are still a few Planet Hollywood restaurants that remain in operation, including a newly opened location in New York's Time Square and one in Disney Springs, Orlando. There is also a Planet Hollywood casino and resort in Las Vegas, as well as resorts in Mexico, Costa Rica, and India."
Planet Hollywood opened in 1991 in New York City with celebrity backers and founder Robert Earl, modeled as a movie-industry equivalent to Hard Rock Café. The chain expanded rapidly but encountered financial difficulties, filing for bankruptcy in 1999 and 2001. In April 2025 PB Restaurants and affiliates filed for chapter 11 bankruptcy, closing some airport and New York locations. A few restaurants remain open, including a newly opened Times Square location and a Disney Springs site, alongside a Planet Hollywood casino and resort in Las Vegas and international resorts in Mexico, Costa Rica, and India. Restaurant bankruptcies have become common since the COVID-19 pandemic.
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