| FRIDAY JUNE 16 2000 PUBLISHED BY CHINA DAILY | |||||
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Canne's prizes revive HK films Chinese erhu meets Western jazz 'Some Like It Hot' - century's best comedy The aroma of Spanish wine Lucky meeting brings singwes together Striking the right note for kids' future |
Film-selling website to shut down WASHINGTON - Reel.com, a website aimed at selling to film-goers, will shut down, the owners said on Monday, citing a cash crunch. The site owned by Hollywood Entertainment Corporation, which owns a large chain of video, became the latest victim of the Internet shakeout that has made it more difficult for upstarts to raise cash. "Closing Reel.com's e-commerce business was a difficult decision," said Hollywood Entertainment chairman Mark Wattles. "However, with Hollywood's stock dropping 75 per cent during the same period that the operating profits of Hollywood Video stores were up over 40 per cent, we could no longer justify funding the e-commerce business." He said the failure was the result of "the major declines in the value of publicly traded e-commerce companies" that made it impossible to raise cash to continue operations. A statement said the website will continue to operate to provide entertainment information, but that sales of videos, DVDs and other merchandise would be directed to buy.com. Hollywood Entertainment said it would incur an after-tax loss of approximately $25 million related to the shutdown. (Agencies via Xinhua) Copyright 2000 by Shanghai Star. All rights reserved. |
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