According to the LA Times, Columbia House is filing for bankruptcy. I remember getting the mailers like the one above and begging my Mom to let me join. She was smart enough not to let me, but that didn't stop me from going through the list of albums and circling the ones that I wanted.
Honestly, I'm surprised that they lasted longer than Blockbuster. They should have been out of business years ago. I just wish I had all those cassettes to wind back up with a pencil. My stereo was notorious for eating tapes.