ORLANDO, Fla. (AP) -- Keith Barish, a co-founder of Planet Hollywood International, has resigned as a board member at the struggling restaurant chain after selling nearly half of his stock holdings.
No reason was given when Barish's departure was announced Thursday.Barish, who resigned as chairman last year, still owns 12.4 percent of Planet Hollywood. Before the sale of his 10 million shares at $1.75 each, announced earlier this week, he held 22.1 million shares, or about 25 percent of the company.
The California film producer co-founded Planet Hollywood with Robert Earl in 1991 and star actors Sylvester Stallone, Arnold Schwarzenegger, Arnold Schwarzenegger, Bruce Willis and Demi Moore.
Earl is now the chairman and chief executive officer of the company, which raised nearly $200 million in a wildly successful initial public offering of stock in 1996.
The restaurant chain has fallen on troubled times since then, losing more than $10 million in the third quarter and about $15 million in the fourth quarter of last year.
Analysts say aggressive expansion and increased competition hurt the company.