Hollywood Entertainment Corp., the No. 2 U.S. video rental chain, said it hired investment bank Donaldson, Lufkin & Jenrette Inc. to advise it on a possible sale or leveraged buyout. Hollywood Entertainment owns 1,710 stores and the Reel.com Internet site. It is looking at options to boost its stock, which has fallen about 75% since May. Other possibilities include divestitures and partnerships. The company, based in the Portland, Ore., suburb of Wilsonville, had 1999 sales of $1.1 billion. Reel.com, Hollywood Entertainment's Internet movie store, filed in December for an initial stock sale. Hollywood Entertainment shares rose 69 cents to close at $7.69 on Nasdaq.