Should have been more successful, but..
..the studio/distributor released this into very few theaters(148 screens) in the U.S. in May, 1989. I was a big fan of the 1985 original and had no idea they made Fright Night 2 until someone I knew had it on VHS in early 1990.
I have no idea what happened with the release except for the fact that Colombia Pictures seemed to be going through a lot of changes around then, ultimately being bought out by Sony in late 1989.