The owner of Columbia House has filed for chapter 11 bankruptcy. Filmed Entertainment Inc., whose parent company is Pride Tree Holdings Inc, claims to have $2 million in assets and $63 million in debt. Columbia House is one of the company's assets.
Although the Columbia House is famous for, over the years, having sold eight albums for a dollar or penny (depending on the decade) as part of its "music club," it actually stopped selling music years ago. In recent years, Columbia House has functioned as a mailorder DVD club. However, potential buyers may purchase the company if Columbia House is put up for sale by either the debtor or bankruptcy trustee.