Celeb enterprise failures that misplaced money

Contents


Celeb-backed enterprise ventures can change into money-making juggernauts like Dr. Dre’s Beats or Jessica Alba’s Sincere. However for each spectacular entrepreneurial success, there are many catastrophic failures. From Jennifer Lopez’s two flops to the Kardashian sisters’ doomed debit card, click on or scroll by means of as we reveal the superstar companies that missed the mark. All greenback quantities in US {dollars}.



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In 1988, Kim Basinger snapped up your complete city of Braselton, Georgia for $20 million (£11.2m), hoping to show it right into a movie-themed vacationer attraction. The Eighties icon failed to understand her formidable plan and ended up promoting the city for a massively marked-down $1 million (£670k) in 1994.



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This trio of Hollywood stars have been all smiles on the launch occasion for his or her Planet Hollywood chain of eating places in 1991. Little did they know that their chain of eateries would go bankrupt twice, amassing colossal money owed. Right this moment, solely six Planet Hollywood eating places survive, down from a peak of over 100 within the mid-Nineties.



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Director Steven Spielberg’s films might have earned him hundreds of thousands of {dollars}, however the Beverly Hills restaurant he launched with Jeffrey Katzenberg in 1994 wasn’t fairly so profitable. Successful for a time, the nautical-themed eatery quickly misplaced its lustre and shut down in 1999.



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Wrestling star Hulk Hogan was knocked down too when he invested within the quick meals business. His extremely cheesy Pastamania restaurant within the Mall of the Americas opened its doorways in 1995, tempting diners with dishes together with cheeseburger pasta and Hulkaroni and cheese. Unimpressed, the crowds did not flock and the eatery went beneath inside a yr.



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Wrestling bigwig Vince McMahon thought he’d cash-in large time in 2000 when he fashioned XXL, a significant low season American soccer league. McMahon attached with NBC to televise the video games, however the rankings have been dire and the league was culled after only one season.



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Naomi Campbell, Elle Macpherson, Claudia Schiffer, and Christy Turlington launched their Trend Café chain within the mid-Nineties. Branches in New York and London opened to a lot fanfare however have been passed by 1999. The cafés failed to tug within the diet-obsessed vogue crowd and the supermodels’ enterprise companions ended up being arrested for fraud.



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Britney Spears misplaced a pile of money in 2002 when her Cajun-inspired New York restaurant Nyla went stomach up after simply six months. Beset by dangerous critiques, well being code violations and different points, the restaurant was an unmitigated catastrophe from the get-go.



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Former Chicago Bear Jim McMahon clearly hasn’t heard the expression “as soon as bitten, twice shy”. The NFL star opened his eponymous Chicago eatery in 1987, which went beneath after three years. Undeterred, McMahon tried once more in 2002 with a steakhouse, and that too failed, closing its doorways inside a yr.



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All the time probably the most sociable Rolling Stone, guitarist Ronnie Wooden has misplaced cash following two golf equipment going beneath. There was the nightclub Woody’s On The Seashore in Miami, Florida, which noticed a pantheon of well-known names carry out however closed its doorways in 1989. And there was the Harrington Membership in London’s South Kensington, a personal member’s membership which opened in 1999 however closed in 2003, with Wooden unable to recuperate any of the artwork and books he had lent to be displayed.



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Kanye West’s forays into vogue have been hit or miss. Whereas his Yeezy collaboration with Adidas has been a headline-grabbing success, Pastelle, the clothes line he deliberate to launch within the spring of 2006, by no means acquired off the bottom and was shelved in 2009.



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Kevin Costner teamed up with Jack Niklaus in 1997 to ascertain a golf-themed restaurant in Costa Mesa, California. The eatery, which served hearty American fare, did nicely for a time, however finally grew to become unprofitable, closing its doorways endlessly in 2007.



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You’d suppose that the resort business would run in her blood, however Nicky Hilton got here unstuck in 2007 when she struck a deal to entrance her very personal branded chain. The primary Nicky O Inns, which have been deliberate for Chicago and Miami, have been cancelled earlier than they even acquired off the drafting board.



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Nicky’s older sister Paris has had a style of enterprise failure too. In 2008, the resort business heiress launched a group beneath the Dollhouse label, which featured garish T-shirts emblazoned along with her picture and was panned by critics and customers alike.



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Actress, entrepreneur and self-help guru Suzanne Somers has amassed a sizeable fortune over time, however misplaced loads of money when she tried to arrange a DIY meal prep franchise in 2007. Somers fell out along with her enterprise accomplice, the previous Kentucky Governor John Y. Brown Jr., and the enterprise was finally deserted.



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Although she’s had her justifiable share of entrepreneurial success, Jennifer Lopez has two main enterprise fails beneath her belt. The A-list star’s Madre’s restaurant folded in 2008 and her Sweetface vogue line was discontinued a yr later following disappointing gross sales.



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Animal lover Natalie Portman thought she was doing the appropriate factor when she collaborated with designer Té Casan on a vegan shoe line again in 2008, however whereas the actor needs to be applauded for sticking to her ideas, she will not get any accolades for enterprise acumen. Overpriced and unappealing, the $200 (£100) footwear did not promote and, inside months, the enterprise collapsed.



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Rapping and producing hit data might come naturally to Jermaine Dupri, however working a profitable café evidently does not. Launched in Atlanta in the summertime of 2005, Dupri’s eponymous cafe failed to show an honest revenue and closed in 2008.



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One other main superstar vogue line fail, actuality star Heidi Montag collaborated with Anchor Blue Retail in 2007 on her Heidiwood vogue line. The garments and equipment did not get clients to half with their money, and the road was axed in 2008.



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The Kardashian sisters have generated hundreds of thousands of {dollars} due to companies they’ve arrange or endorsed, however their enterprise into pay as you go debit playing cards went down like a lead balloon. The ‘Kardashion Kard’ was ditched a month after its launch in November 2010 amid criticism over its astronomical charges.



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The award-winning rapper has his fingers in lots of money-making pies, having established a glittering enterprise empire with pursuits in vogue, actual property, sports activities groups, file labels and drinks. But it surely hasn’t all been plain crusing. In 2010, Jay-Z misplaced hundreds of thousands on a luxurious resort funding in New York that got here to nothing.



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Creating wealth within the quick meals business is not straightforward, as Public Enemy rapper Taste Flav found in 2011. A joint effort together with his enterprise accomplice Nick Cimino, Flav’s restaurant in Clinton, Iowa opened within the January however was closed for good by April, and the hapless pair fell out amid accusations of mismanagement and poor money movement.



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Former Main League baseball star Curt Schilling gambled the majority of his life financial savings in 2006 on his on-line gaming start-up 38 Studios, which he named after his jersey quantity. But, regardless of a $75 million (£58m) grant from the State of Rhode Island, Schilling’s enterprise failed spectacularly – out of money and severely in debt, the corporate went bankrupt and shut down in 2012.



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Lily Allen’s foray into the style business was simply as unlucky. The British singer teamed up along with her half-sister Sarah Owen in 2010 to open Lucy in Disguise, their classic clothes rent service in London’s Covent Backyard. Following poor gross sales, the boutique moved to cheaper premises in Soho however finally went into liquidation in 2012.



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Along with a number of different musicians, Fall Out Boy’s Pete Wentz opened the Angels & Kings nightclub in New York again in 2007. Poorly managed, the membership ended up attracting an underage crowd, and was shut down by the authorities in 2012 for serving alcohol to minors.



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In 2008, Eva Longoria launched restaurant Beso in LA however the enterprise struggled and filed for chapter in 2011. She transformed the Las Vegas restaurant right into a family-friendly steakhouse however that fared simply as badly. It shut for good in 2014 after simply two years in operation. The LA restaurant shut in 2017.



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Beyoncé has a knack for earning profits, however the Home of Deréon, the style line she arrange along with her mom Tina Knowles in 2006, was a enterprise catastrophe. Mocked for its gaudy designs and extreme price-points, the road flopped and was quietly discontinued in 2012.



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Pharrell Williams collaborated with drinks big Diageo in 2011 to launch a liqueur known as Qream with a Q geared toward “unbiased and profitable girls”. Gross sales of the tipple fell flat and Williams sued Diageo in 2013 for failing to market the drink successfully.



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Actress Blake Vigorous clearly assumed her way of life web site could be a significant success; in any case, Gwyneth Paltrow’s GOOP has accomplished fairly nicely. However Vigorous’s Protect web site, which launched in 2014, remained on-line for under a yr earlier than it was canned.



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In 2014, Canadian singer-songwriter Neil Younger launched a profitable Kickstarter marketing campaign and garnered $6.2 million (£4.8m) to fund his $400 (£308) hi-res participant and music service. There was only one catch: PonoPlayer wasn’t superb. The product did not promote nicely and the streaming service successfully bombed.



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Microsoft and companions could also be compensated if you are going to buy one thing by means of advisable hyperlinks on this article.


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