ORLANDO, Fla., May 30 -- Celebrity restaurant chain Planet Hollywood International Inc. announced Thursday it plans to open six additional Planet Hollywood restaurants during 1996 and 1997 in overseas locations. The new outlets will be at Gatwick Airport, England; Prague, Czechoslovakia; Auckland, New Zealand; Guam; Puerto Vallarta, Mexico; and Cozumel, Mexico. The company, which went public earlier this year with a $194.4 million initial public offering, has also announced it plans to open its first two Planet Hollywood stand-alone retail shops at Gatwick Airport and in Las Vegas as early as August. The Planet Hollywood Superstores will sell a broader line of merchandise than in the restaurants. Planet Hollywood, whose owners include Arnold Schwarzenegger, Sylvester Stallone, Demi Moore and Bruce Willis, placed about 10 percent of the company's stock in the public's hands through the IPO, which was sold at $18 a share. The issue was up 87.5 cents to $23.625 a share in Nasdaq trading. Robert Earl, president and chief executive officer, said, 'With these new locations, Planet Hollywood is accelerating its expansion plans for 1996 and 1997. Each of these sites offers excellent potential and will play an important role in building our international presence and achieving long-term growth.' Earl also said the Planet Hollywood retail brand is expected to be an important element of its growth strategy. 'The shops not only will provide a new distribution channel for our products but also will generate increased consumer awareness of the Planet Hollywood brand,' Earl said.
The Company will open Planet Hollywood restaurants in Seattle and Nashville, Tenn., in June. Planet Hollywood was founded in 1991 by Earl and movie producer Keith Barish. Prior to the IPO, Earl settled a lawsuit with Hard Rock Cafe over his departure from that chain. The company has announced previously it expects to operate a total of 51 restaurant-merchandise stores in 16 countries, including 45 Planet Hollywood units, five sports-oriented Official All-Star Cafes, and its first Marvel Mania outlet, based on Marvel Comics characters.
