Unable to keep pace with modern media subscription services like iTunes and Netflix, Columbia House filed for bankruptcy this week. The former media powerhouse thrived in the ‘90s with its popular mail-based sales promotion offering 12 CDs for a penny. Once digital music started to dominate CD sales, the company switched its strategy to selling DVDs and movie streaming services. With steep competition from Netflix and Amazon subscription services, the company was struggling to survive. At its peak in 1996, Columbia House raked in $1.4 billion in revenues. Last year, the company cleared just $17 million in sales. According to court documents, Columbia House will still operate throughout the bankruptcy proceedings while also looking for a buyer.

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