In the parade's heyday, movie icons like Mary Pickford, Bob Hope and Jimmie Stewart served as grand marshals on the Sunday after Thanksgiving. But the Hollywood Chamber of Commerce says the parade no longer attracts the crowds it once did and, with a $1 million price tag, has become a money loser.
"We've been looking to save this parade for 10 years," Leron Gubler, Hollywood chamber president, told the Los Angeles Daily News. "The outlook has looked shaky all that time. We've explored every option possible. We always had hoped to turn it around. For us, it's very sad to have to make this announcement."
The parade still had its fans. Abby Jaime of Pico Rivera told the newspaper her family used to enjoy going to Hollywood for the parade and, on years when they could not make the trip, she would watch on television.
"I loved the bands," Jaime said. "And seeing all the celebrities, the ambiance."