Columbia House's owner files for Chapter 11 bankruptcy

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.