The final nail in the coffin for the mail-order music club.

The parent company of Columbia House has filed for Chapter 11 bankruptcy protection after two decades of declining sales. Columbia House was formed in 1955 but left the music industry in 2010. At its peak, it had $1.4 billion in sales in 1996, but by 2014, revenue had dropped to $17 million.

Apparently, eight CDs for a penny wasn’t a great business model after all. [via LA Times]