We were making final preparations for Aidan's birthday trip to HRP and went to double-check everything when we found this:
http://www.hardrockpark.com/
Why did they close unannounced (we were looking at the schedule on the website just last night)? Because they filed for bankruptcy today. No word on refunds for season pass holders. At least they intend to re-open next year.
Now I have to cancel my hotel reservations. Guess we'll just have to do BGE & KD.
Here is the Q&A from the website:
http://www.hardrockpark.com/closinginformation.cfm
http://www.hardrockpark.com/
Why did they close unannounced (we were looking at the schedule on the website just last night)? Because they filed for bankruptcy today. No word on refunds for season pass holders. At least they intend to re-open next year.
Now I have to cancel my hotel reservations. Guess we'll just have to do BGE & KD.
Here is the Q&A from the website:
http://www.hardrockpark.com/closinginformation.cfm
Q: Why is HRP Holdings doing this reorganization? What do you hope to accomplish with this?
A: We took this step because, after thorough consultation with our investors and advisors, we determined that it would be in the long-term interest of the company as well as our employees, customers and other stakeholders.
This process will give HRP Holdings the opportunity to restructure its balance sheet and reduce its debt to ensure the future health and sustainability of the company.
As you may be aware, the unprecedented volatility of the global financial markets and rising fuel costs have had a significant impact on tourism worldwide. Specifically, tourism in Myrtle Beach is down as a whole.
Consumers continue to postpone or scale back their travel plans.
Theme parks nationwide are seeing attendance flat or down this year (Source: Leisure and Recreational Concepts Inc.)
Additionally, 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.
By taking these actions, we intend to re-open in 2009 with a much stronger financial position.
Q: Is Hard Rock Park going out of business?
A: Hard Rock Park is not going out of business. In conjunction with the filing, the Park will close for the season to allow management to focus on the restructuring efforts. Following the completion of this process, Hard Rock Park intends to re-open for the 2009 season with enhanced financial flexibility.
Chapter 11 is a common process that allows companies to restore their financial health so they can continue as stronger business. Many other well known companies such as Chiquita, Delta Airlines, Macy’s and Continental Airlines have emerged from this process as stronger, successful companies.
Q: I know you are shutting down for the season, but when will the Park open again?
A: Following the completion of the restructuring process, Hard Rock Park intends to re-open for the 2009 season next spring.
Q: Will there be any further workforce reductions as a result of the Chapter 11 filing?
A: At this time, we are not anticipating any significant changes in our non-seasonal employment numbers in connection with this announcement. Following the completion of the restructuring process, Hard Rock Park intends to re-open for the 2009 season and we invite all seasonal employees to apply for positions within the Park next year.
Q: Will employee paychecks or benefits be affected by the Chapter 11 filing?
A: All non-seasonal employees will continue to receive their paycheck on a normal schedule, and medical, dental and other benefits will continue uninterrupted.
Q: What happens to season passes? Can I get a refund?
A: In conjunction with the filing, Hard Rock Park will close for the season to allow management to focus on the restructuring process. Following the completion of this process, Hard Rock Park intends to re-open for the 2009 season.
Whether the Park will be able to provide refunds or extensions for Annual Pass holders will be determined by the Bankruptcy Court.
Q: What is Chapter 11?
A: Chapter 11 is a legal process that allows a company to continue to operate its business while it restructures its debts in an organized, Court-supervised setting. Chapter 11 refers to the portion of the U.S. Bankruptcy Code that governs Bankruptcy Court-supervised corporate reorganizations.
Q: How do I get additional information?
A: If you have additional questions or concerns we invite you to call our customer service line at (843) 646-6450.