The end of a very bad first season for the much-anticipated Hard Rock Park came Wednesday, as the park closed for the rest of the season and its parent company filed for bankruptcy.
According to a statement by chairman Steven Goodwin, HRP Myrtle Beach Holdings, LLC filed voluntary petitions for re-organization under Chapter 11 of the U.S. Bankruptcy Code.
ADDITIONAL COVERAGE
Read more of our Hard Rock Park coverage, click here. Read more about the bankruptcy filing: The filing | List of creditors | CEO's affadavit
Goodwin said the company believed the move was in the best interest of all of its "employees, customers, and other stakeholders."
The park will close for the remainder of 2008, but Goodwin said he hopes once some corporate re-structuring efforts happen, the park will re-open on time in 2009.
"This has been a challenging inaugural season for us," Goodwin said in the statement. He cited volatile gas prices and global financial markets on the whole as the main contributing factors to all theme parks in the U.S. seeing flat or decreased attendance in 2008.
"In addition, the frozen credit markets severely limited our ability to line up loans or the other planned financial resources we needed to execute our summer marketing plan and adequately promote the park," Goodwin said.
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