Description
Columbia House, the mail-order music club that originally offered customers eight albums for one dollar, filed for Chapter 11 bankruptcy protection after nearly two decades of declining sales. The company was founded in 1955 by CBS’s Columbia Records division, and its sales gradually declined first because of Napster and later because of iTunes, Amazon and Netflix. BMG, a longtime competitor, bought the company in 2005, and it ended its mail-order business in 2009.