Planet Hollywood Expects Losses Until 2004

Planet Hollywood International Inc., which filed for Bankruptcy Court protection in October, doesn’t expect to make money until fiscal 2004, according to recent filings. The restaurant chain said in a filing last month that it has completed a reorganization plan in which founder Robert Earl retains his chief executive title during the recovery effort. In an attachment to the plan, officials predict the Orlando, Fla.-based company will lose more than $17 million annually in both fiscal 2000 and 2001, $11.8 million in 2002 and $4.7 million in 2003. The company expects to return to full-year profitability in 2004, with projected earnings of $3.4 million. A Chapter 11 bankruptcy lets a company operate with court protection while it restructures and sheds debt that it cannot repay, without totally liquidating the business.