Columbia House Record Club Files For Bankruptcy (Week in Review): Columbia House News

On Wednesday Columbia House Record Club Files For Bankruptcy was a top story. Here is the recap: (Radio.com) At its peak, mail-order music retailer Columbia House once boasted annual profits of $1.4 billion. Now, the once-proud company has filed for bankruptcy.

The Wall Street Journal reports that the rise in digital music and the corresponding decrease in physical CD purchases led to its demise on the long running business.

"This decline is directly attributable to a confluence of market factors that substantially altered the manner in which consumers purchase and listen to music, as well as the way consumers purchase and watch movies and television series at home," explained the company's director Glenn Landberg in the bankruptcy filing. Read more - here.

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Copyright Radio.com/CBS Local - Excerpted here with permission.

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