The Hard Rock Cafe has tourist site written all over it — not that there's anything wrong with that. The rock 'n' roll eatery boasts expensive burgers, gauche memorabilia and an atmosphere that once seemed cool but now just says passe. But, no matter, the formula seems to be working as food sales are up 10% and merchandise sales have grown 5%, which may explain why Rank Group Plc wants to sell the unit while the Cafe is doing well. Rank Group, which bought Hard Rock in 1990, said Tuesday July 4 it hired Merrill Lynch to explore a possible sale of the international chain so it can concentrate on its domestic British gaming and hotel businesses. Hard Rock Cafe, which started in London in 1971, has outlasted other niche themed eateries such as Planet Hollywood, which filed for Chapter 11 twice since its creation in 1991, and the even less successful Fashion Cafe. There's also the Harley Davidson Cafe, which still exists but had to shutter its New York City location. Some analysts estimate the 120 Hard Rock Cafe locations could fetch as much as $917 million (£500 million). Pretty impressive for an eatery that gained its notoriety 35 years ago when Eric Clapton volunteered to display one of his guitars at an American-owned burger joint in London. — Gerald Magpily
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