Wattles cuts stake in Hollywood Entertainment (HLYW)

According to an SEC filing, Hollywood Entertainment (ticker: HLYW) ex-CEO Mark Wattles has cut his stake in the company to 6.2% from 9.6% after selling 2.1 million shares.  He intends to sell as much as 1 million more.

Here are the details:

• 3/22/05               Sold               1,000,000          shares at $14.0769
• 3/23/05               Sold                 941,000          shares at $14.1115
• 3/24/05               Sold                 210,407          shares at $14.1500

Quick comment:  Not surprising considering that Wattles announced his intention to sell shares last week.  In that earlier SEC filing he also announced his intention to buy up to half of HLYW's stores from Blockbuster (ticker: BBI), but that obviously isn't going to happen now that BBI has dropped its bid.  its time for this saga to end and for HLYW to finalize its sale to Movie Gallery (ticker: MOVI)