Columbia House Files for Bankruptcy

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Columbia House, the mail-order music retailer that turned an "Eight CDs for a penny" offer into an annual profit of $1.4 billion at its peak, has filed for bankruptcy. Filmed Entertainment Inc., the parent company for Columbia House, filed for Chapter 11 bankruptcy protection in New York Monday, citing the ever-changing digital and online landscape that continue to erode at the physical medium's sales, the Wall Street Journal reports.

Read more: Columbia House Files for Bankruptcy, Blames Streaming | Rolling Stone

They offered a cool service which I used a handful of times back in the day, but the natural evolution of how music is accessed made their downfall inevitable. According to the article, they got out of the music business in 2010 and went to DVDs, but even struggled there.