Retail Industry
Industry: Email Alert RSS FeedA new Reel world order.(Brief Article)
Video Business, June, 2000 by Rivero, Enrique
E-tailing operations to Buy.com; nearly 200 staffers are laid off Hollywood Entertainment has devised an e-tail exit strategy calling for an online competitor to service orders from Reel.com, its popular but unprofitable cyber arm. As expected, on June 13 Hollywood stopped selling VHS and DVD product on Reel (VB, 6-12) and shifted orders to Buy.com.
Hollywood said it expects to take a $25 million after-tax loss, which will include write-downs of goodwill associated with Reel and of assets to its net realizable value as well as employee severance costs. Hollywood's former e-tail rival will fulfill customer orders placed through Reel.com. Buy.com will pay Reel a set fee each time a Reel visitor makes a purchase with Buy.com for the first time....
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