Planet Hollywood Plans Refurbishings

Planet Hollywood International Inc. said it will make over its movie-themed eateries and exit secondary businesses, with an eye to stopping financial losses by 2000. Planet Hollywood, which lost money in the first nine months of 1998, said it will take a year-end charge of between $130 million and $160 million for the moves. It said sales at its restaurants open a year or longer fell 19% in the fourth quarter and it expects a 26% drop in total revenue to $75 million for the period. The Orlando, Fla.-based company said it will spend $10 million to $12 million on refurbishing and will abandon its Official All-Star Cafe line, planned hotels and other ventures. Planet Hollywood’s shares, which traded as high as $27.25 in 1997, closed at $3.18, up 50 cents, on the NYSE.