The owner of one time mail-order music giant Columbia House filed for chapter 11 bankruptcy protection yesterday, seeking to sell what remains of its business after almost two decades of declining revenue, Dow Jones Newswires reported yesterday. Filmed Entertainment Inc. filed for chapter 11 at the U.S. Bankruptcy Court in Manhattan, citing the advent of digital music and dramatic changes in technology that are threatening to render CDs and DVDs obsolete. Since peaking in 1996 at about $1.4 billion, revenue has declined almost every year since, according to FEI director Glenn Langberg. Last year, net revenue was just $17 million.
