seating to 500. This was followed later in the year by another 500-seater at Walt Disney World. With expansion operating smoothly, Earl started working on other area of growth in 1995. Construction on the All Star Café's first location in New York City began in August 1995 near the Planet Hollywood and opened on December 18, 1995. Development was started on a Marvel Comics-based restaurant concept and on a Planet Hollywood Squares television game show with King World and Roseanne Barr's production company based on the Hollywood Squares. With the success of the merchandise, stand alone retail stores, Planet Hollywood Superstores were opened around 1996. Public corporation As of the May 1998 IPO circular, the celebrities were only minor holders of stock with Earl and Barish owning 57.2 percent and a 24.2 percent stake owned by Ong Beng Seng. In April 1996, Planet Hollywood went public on the New York Stock Exchange at $18 a share. The company's share price reached an all-time high of $32 on the first day of trading; by 1999, it was down to less than $1. The company has gone bankrupt twice. In addition to going public, the company had MBNA issue Planet Hollywood VISA credit cards that gave cardholders priority restaurant seating. Planet Hollywood International and ITT Corporation formed a joint venture for Planet Hollywood casinos. The corporation and Marvel Entertainment Group agreed to launch the Marvel Mania comic book character-based restaurant concept. The company also had started to develop Chefs of the World concept, which would feature a "'star-studded' culinary staff". The company planned to expand by 30 to 40 percent each year in annual revenue and the number of restaurant locations. Additional competitors also started up, including Country Star chain, Harley-Davidson Café, Robert De Niro's Tribeca Grill and Thunder Roadhouse. Some speculated that the company had thinned its resources too much, and, with the trend of novelty location visits dropping, store revenue would continue to drop. In September 1997, Planet Hollywood International Inc. announced its Cool Planet Cafe ice-cream shop chain which would open 10 locations in 1998. ITT Corporation and Planet Hollywood were in discussion early September 1997 for a Planet Hollywood hotel near Times Square. The corporation then formed on September 24, 1997, a joint venture for an Official All Star Hotel. In the fourth quarter of 1997, the company recorded a $40 million loss. Too much focus on diversification