© Hard Rock Park Hard Rock Park:Hard Rock Park is now closed for the 2008 season, but should open for 2009.

Hard Rock Park has officially announced that it will not be open for the rest of the 2008 season. Hard Rock Park has filed a Chapter 11 bankruptcy claim, this means that the business can have time to reconstruct their debts. While also continuing to operate. The park said it will open for 2009, but with all the recent problems the park has been suffering, only time will tell if it truly will open or not.

Here's the exact quotes from Hard Rock Parks website:

"We would like to thank the hundreds of thousands of guests from across the country that came to experience Hard Rock Park during our inaugural season and for rating their experience of Hard Rock Park as comparable to the best that the major theme parks have to offer. We would also like to thank the local community in Myrtle Beach for their support in opening the world’s first rock ‘n’ roll theme park. Regretfully, Hard Rock Park has closed for the remainder of the 2008 season to allow management to focus on restructuring efforts. Following the completion of this process, Hard Rock Park intends to re-open for the 2009 season and we invite everyone back next year to continue the fun. Hard Rock Park will remain focused on delivering a first class entertainment experience to the hundreds of thousands of visitors who come and enjoy their visit to the Park everyday."

This is the parks Q&A they posted involving the situation.

"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. o Consumers continue to postpone or scale back their travel plans. o 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."