Columbia House files for bankruptcy

The owner of onetime mail-order music giant Columbia House filed for chapter 11 bankruptcy protection Monday, seeking to sell what remains of its business after almost two decades of declining revenue.

According to the Wall Street Journal, owner Filmed Entertainment Inc. cited the rising popularity of digital music and changes in technology.

Peaking in 1996 at about $1.4 billion, the company's revenue has declined nearly ever year since. Last year, net revenue was $17 million.

Read more from the Wall Street Journal.