Planet Hollywood plots a comeback

Planet Hollywood, that ever-so-hyped Hard Rock Cafe knockoff (founded by Hard Rock's former president) that has filed for bankruptcy twice, is on the comeback trail. While stockholders, including various celebrities, were wiped out, the company has survived as a much less grand, privately-held chain of 19 restaurants.

But the new Planet Hollywood Casino and Resort on the Las Vegas strip is giving the company's founder, Robert Earl, reason for optimism. Sports stars Roger Clemens and Pete Sampras will serve as spokesman, and Sylvester Stallone and Bruce Willis have invested in the project. This is a far cry from the star-studded lineup of owners the original Planet Hollywood had, but still impressive, especially given that both of those actors were investors in the original restaurant concept.

Redemption stories are exciting -- and there would be few business stories more heart-warming than the successful re-emergence of Planet Hollywood, which has become something of a symbol of bloated expectations and failure to deliver.

Which might be the problem: Is the Planet Hollywood brand cool anymore, or is it tarnished by the company's past failures? Would Mr. Earl be better off setting up shop under a new name?