Assistant Tony Brown will take over as interim head coach, as the GM position is opened as well with the decision to reassign GM Billy King within the organization.
Owner Mikhail Prokhorov says the team is in need of new leadership as they look to create a "winning culture" for the franchise. Hollins received the news from now former GM King over the phone, and thanked the team for the opportunity.
Reports say the team has been considering this move for a while, looking for replacements for both Hollins and Kings for some time. There are no immediate plan to replace King as GM, as they plan to leave the position opened for a while.
Hollins had a year and a half left on his contract, but the team's struggles led to his early exit. The Nets have lost five in a row following their blowout against the Spurs, including 10 in a row at the Barclays Center.
Brooklyn had made the playoffs every season since relocating in the 2012-13 season, but sit at 10-27 this season, ahead of only the Philadelphia 76ers. Hollins went 48-71 in his short stint in Brooklyn, including an early exit as an eight seed in last season's playoffs.
The Brooklyn Nets organization have high expectations in a $1 billion arena, and they will now look for their third head coach in the Barclays, as well as a new GM, to find that success.