For many music fans, our first experiences with debt entrapment were with Columbia House, the mail-order service that, once upon a time, would sell us 12 CDs for a penny and then force us to buy more at a crazy mark-up. Improbably, Columbia House only just shut down this past August. And now, it looks like it might already be coming back again, this time to capitalize on the vinyl boom.
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The Wall Street Journal reports that John Lippman, the man who bought the company out of bankruptcy this month, is hoping to relaunch it. “You can see a yearning and an interest to try a new format,” he says, and that new format he’s talking about is really an old one.
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Lippman, a former Lehman Brothers exec, bought the company at auction for about $1.5 million. He’s hoping to use social media to get millennials interested in buying big stacks of vinyl via mail. He doesn’t think there are enough online retailers offering it: “For a category that is meaningful and growing rapidly, you don’t see a whole lot of choice.” He probably won’t offer 12 LPs for a penny. But the mere fact that Columbia House will continue to exist, in any form, is crazy.