The Hollywood Chamber of Commerce said it is cancelling the annual Hollywood Christmas Parade, an 80-year-old institution that once drew some the entertainment industry’s biggest stars.

Jeff Briggs, the chair of the board of directors for the parade, and chamber President Leron Gubler in a Wednesday statement cited sagging attendance, little interest from the celebrity community, and the inability to secure a new television contract as key factors.

Local businesses also had raised concerns about the parade route forcing the closure of the intersection of Hollywood and Sunset Boulevards on the busiest shopping weekend of the year.

Over the past few years, the Chamber has attempted to cultivate more interest in the parade by granting a license to an outside party to re-name the event the Blockbuster Hollywood Christmas Spectacular as well as securing a broadcast deal early with KTLA in order secure time to work on the telecast. But it hasn’t been enough, Briggs said.

The parade won a local Emmy Award for Best Live Event of 2005.