Planet Hollywood Retains Goldman Sachs And Bear Stearns To Evaluate And
Seek Strategic Alternatives
ORLANDO, Fla., July 21 /PRNewswire/ -- Planet Hollywood International, Inc.,
(NYSE: PHL), announced today that it has retained Goldman Sachs & Co. and
Bear Stearns, Inc., in connection with a review of the Company's financial
and strategic alternatives. In connection with this review, the Company
will be continuing its business initiatives to improve company-wide
profitability. In that regard, the Company has embarked on a previously
announced eight-point operational plan to address current financial and
operational performance issues. The financial and strategic alternatives
the Company plans to evaluate will include a stock re-purchase program,
discussions with potential financial and strategic partners, and other
alternatives designed to maximize long-term stockholder value.
Planet Hollywood is a creator and worldwide developer of consumer brands
that capitalize on the universal appeal of movies, sports, music and other
leisure-time activities. The Company's worldwide operations offer products
and services in the retail, leisure, entertainment, lodging and gaming
sectors. The Company is organized under five operating divisions, Consumer
Products; Food & Beverage; Lodging & Gaming; Retail & Merchandise; and,
Theaters & Entertainment. Planet Hollywood International, Inc.'s Class A
common stock is listed under the symbol "PHL" on the New York Stock
Exchange.
Certain statements contained herein are forward-looking statements that are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve known and
unknown risks and uncertainties which may cause the Company's and its
partners actual results in future periods to differ materially from what is
currently anticipated. Those risks include, among others, risks associated
with the timing and cost associated with new business development, general
competitive factors and a change in retailer or consumer acceptance of the
Company's and its partners' products and services.
/CONTACT: Robert Weiner, Planet Hollywood, 407-363-7827/
09:42 EDT |
