Owner of Columbia House music and movie club files for bankruptcy after years of falling sales

NEW YORK — The company that once offered to sell you eight CDs for 1 cent has filed for Chapter 11 bankruptcy protection after almost 20 years of falling sales.

The parent of the Columbia House music and DVD clubs said Monday it plans to sell its Columbia House DVD Club business, which sells recorded movies and TV series directly to consumers, through a bankruptcy auction.

The reasons for the bankruptcy read like a history of the changes that have swept through the entertainment industry and retail over the last two decades.

http://www.startribune.com/parent-of-columbia-house-files-for-bankruptcy-protection/321297211/