Planet Hollywood's boom and bust (1991-1999)
Celebrity investors including Arnold Schwarzenegger, Sylvester Stallone, and Bruce Willis backed Planet Hollywood, a chain of movie-themed restaurants that grew quickly after its 1991 launch and went public in 1996. The company filed for bankruptcy in October 1999 and closed many flagship locations.
Most outposts shut within a few years; the chain reorganized as a fraction of its former size.
It became the standard cautionary tale for celebrity-backed restaurant overexpansion.
Wahlburgers, which vacated this Grand Rapids space in 2023, followed the same arc of celebrity-branded restaurants expanding fast and then retrenching.
