The company that once offered to sell you eight CDs for 1 cent has filed for Chapter 11 bankruptcy protection after almost 20 years of falling sales.

The parent of the Columbia House music and DVD clubs said Monday it plans to sell its Columbia House DVD Club business, which sells recorded movies and TV series directly to consumers, through a bankruptcy auction.

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The New York-based parent company, Filmed Entertainment, says its revenue rose to $1.4 billion in 1996 and fell almost every year after that. In 2014, its revenue totaled about $17 million, barely 1 percent of its peak figure.

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Columbia House has no employees, as its owners sourced its operations to third parties several years ago to cut costs. It reports about $2 million in assets and $63 million in liabilities like pension and royalty costs.