Planet Hollywood Seeks Financial Advice

Planet Hollywood International Inc., which operates about 80 movie-themed restaurants, said it hired Goldman, Sachs & Co. and Bear Stearns & Co. to help find ways to boost the value of its shares. The Orlando, Fla.-based company said the investment firms will open discussions with potential financial and strategic partners. They will also consider buying back shares and other alternatives. Shares of the once highflying chain have fallen 73% over the last year as repeat customers have been few. That resulted in a 92% decline in fiscal first-quarter profit and a fourth-quarter loss. In the first quarter, ended March 29, the company’s revenue fell 5% to $96.5 million from $101.6 million a year earlier. Planet Hollywood, which also operates the Official All-Star Cafe, owns restaurants in major cities including Los Angeles, Las Vegas, New York, London and Orlando. The company’s shares rose 25 cents to close at $6.19 on the NYSE.