Arnold Leaves Planet

11/06/1998 12:00AM

It's over between Arnold Schwarzenegger and Planet Hollywood. The action star said Tuesday that he is terminating his five-year contract with the financially troubled theme-restaurant chain. "It was lots of fun and very challenging to come up with and develop the celebrity restaurant concept on an international level," said Schwarzenegger, who has sold his interest in the Orlando-based company. "Of course, I am disappointed that the company did not continue with the success I had expected and hoped for." There's been no word on whether or not other members of the original celebrity group of investors -- Sylvester Stallone, Whoopi Goldberg, Demi Moore and Bruce Willis -- will follow Arnold's example and back out of their association with the chain, which only last week emerged from federal bankruptcy court.

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