EMERYVILLE, Calif. -- Reel.com, the Internet subsidiary of Hollywood Entertainment based here, plans to close operations due to mounting losses. It laid off all its 150 employees, it was announced last week.
onth, according to Mark Wattles, chairman and chief executive of Hollywood Entertainment. "I've just given up on the ability to make a profit on the e-commerce business," he told the Wall Street Journal.
Reel.com reported a loss of $82.5 million in 1999 on revenue of $41.9