Go ahead, raise your hand if you were sucked into the Columbia House debt scheme of selling you 12 CDs for a penny to have you buy more at an absurd markup. You in the back looking sheepishly away? Get that hand up.
Somehow Columbia House made it all the way until this past August when it was finally shut down. But fear not. It has been snatched out of bankruptcy to take advantage of the vinyl craze.
Who do we have to thank for the resurrection of Columbia House? Former Lehman Brothers executive John Lippman. Of course, it would be a former Lehman executive. Nothing says throw on a record like the company that almost shattered the US economy.
He actually managed to snag a deal on the company. He bought the remains for $1.5 million at auction and told the Wall Street Journal he planned to expose generations to a new format – one that happens to be old.
“You can see a yearning and an interest to try a new format.”
“For a category that is meaningful and growing rapidly, you don’t see a whole lot of choice.”
Before you start thinking which 12 records you’ll snap up for a penny, don’t get your hopes up. I highly doubt the pricing will be that low, but expect your music snob friends who have no concept of fine print to be bragging about their latest haul in no time.
And then the complaining when they realized they are stuck in vinyl purgatory and paying quadruple the retail price for a record they don’t even want. Welcome to Columbia House.