Celebrities these days are not content with just being actors, directors, artists, sport players and musicians. In many cases, most of them will want to embark on entrepreneurial ventures. Many have been successful in business, but there are some celebrities who should just stick to their natural craft. Being rich is not consistent with running a corporate business as these six celebrity business failures will prove.
If you don’t know who Flavor Flav is, think ‘big gold clock chain around neck’ reality show. Anyway, the show is no longer on the air, so Mr. Flavor Flav decided to open up a restaurant that he called “Flav’s Fried Chicken.” It is not easy to enter the competitive business race with restaurant chains like KFC, but that is what Flav did. He opened his fried chicken restaurant in January 2011 in Clinton, Iowa and it only took 3 months for the restaurant to close down; after a sequence of disagreements between him and his business partner. He decided to go solo and open two similar franchises; one in Sterling Heights, Michigan and the other in Las Vegas. Those two failed quickly.
The Three Kardashian Kardashian Sisters
Kim, Kourtney and Khloe Kardashian are celebrity sisters known for their family reality show. Kim is always in the media spotlight and highly visible. They have opened and operated successful boutique stores in Miami and California. However, what were they thinking when they decided to get involved with the prepaid debit card business. There were so many complaints regarding the high finance charges associated with the prepaid debit card and after less than 30 days, the Kardashian Kard got axed.
Nicky Hilton Hotel
Nicky Hilton is known for the hotel chain business started by her family. With a few investors and potential customers, she decided to take advantage of the family’s reputation with this type of business. Her plans for the 94-room Nicky-O-Hotel to be opened up in Miami, Florida experienced a sequence of delays. She finally threw in the towel in 2007 as the project bankrupted after its initial announcement a year prior. The condo developer filed a lawsuit against her and the property was put up for auction and sold soon after.
Curt Schilling’s Video Game Company
Anyone who knows Curt Schilling will remember him as a former pitcher for the Red Sox major league baseball team. After retiring, Curt decided to open up a video game company called 38 Studios. The purpose of the business was to create online games for multiple players. However, he was unable to get the necessary venture capital. Not discouraged, he put up in excess of $30 million of his own funds to get the business started. Bad idea – the business defaulted on the loan acquired from State of Rhode Island in 2011. This resulted in staff layoff of almost 400 employees in June 2012 because of not being able to find substitute funding.
Britney Spears Cajun Flavors
We all associate Britney Spears as a pop star diva, but also the mother who had a publicized meltdown where she shaved off her hair. However, she has made a remarkable comeback onto the public platform since then to advance her music career. You may not have known, though, that Spears tried to open up a Cajun Flavor establishment in 2002. It was called Nyla and located in Manhattan. She was only 21 years old at the time. The restaurant experienced a high employee turnover rate, bad publicity and several violations related to the state’s health code. In less than six months, the restaurant closed its doors.
Hulk Hogan Restaurant Connoisseur
Everyone knows Hulk Hogan as a professional wrestler. However, hardly anyone knew that the celebrity wrestler dabbled in the idea of being a restaurant owner. Pastamania opened in 1995 as a Minnesota pasta restaurant. Regardless of the fact that he made many attempts at promoting the restaurant while he was wrestling, Hogan just couldn’t maintain the business success and in less than a year, it closed.