Planet Movies by AMC

Planet Movies by AMC was a joint-venture formed in 1997 between Planet Hollywood and AMC Theaters to develop entertainment properties surrounding AMC-operated megaplex theatres and Planet Hollywood-operated theme restaurants. The theaters would also be filled with the film memorabilia Planet Hollywood was famous for.

History

The Planet Movies by AMC venture planned to open complexes worldwide with the objective of having icon locations in major metropolitan and other select areas. Initially, seven existing, unnamed AMC megaplex theatres with more than 150 combined screens were to be re-branded under a license arrangement to incorporate certain elements of the new concept. The initial seven re-branded locations were to include markets such as Orlando, Florida. The AMC Pleasure Island 24 megaplex in Orlando, situated directly across from Planet Hollywood's most successful restaurant and retail unit and adjacent to Disney's Pleasure Island was to be the first Planet Movies location. After the initial seven, the joint-venture planned to own and operate all subsequent units including 8 to 10 complexes with 200 to 250 screens planned to open over the next 18 to 24 months. Over the longer term, the venture anticipated rolling out units at the rate of 5 to 10 per year.

From almost the very start, the well-publicized financial strains on Planet Hollywood hindered the project. The first and only Planet Movies location to actually open, a 30 screen megaplex, did so in the summer of 1999 at Easton Town Center in Columbus, Ohio. The location was also located alongside an Official All Star Café and Planet Hollywood restaurant. The continued poor financial performance of Planet Hollywood led the company to declare bankruptcy in December of 1998, and even before the first location had opened to sat that "the joint venture has no definitive plans to expand this concept once the Columbus site is completed".

As Planet Hollywood was preparing to emerge from bankruptcy in October of 1999 their re-organization plan emphasized focus back on their core restaurant business and away from side-ventures like Planet Movies and their Cool Planet ice cream chain. The Planet Hollywood restaurant and All Star Café in Columbus were closed in late 2000, and the film memorabilia were also removed from the theater as it was rebranded AMC Easton 30, and continues to operate. The Planet Movies by AMC joint venture was formally dissolved on January 9, 2001.

External links

* [http://www.secinfo.com/dM14y.8u.htm SEC filing detailing formation of partnership]