By: Spacelab Research Staff
TVT Records has filed for bankruptcy and let a large group of its staff go. The label played home to a variety of unconventional bands over the years, from the birth of Nine Inch Nails to Guided By Voices to KMFDM.
"The independent label made the move "in order to address urgent financial challenges and to support its future development," according to a press release, although it plans to "continue to market and promote its current projects and schedule upcoming releases." Affiliate company TVT Music Publishing will not be affected by the filing," said Pitchfork when reporting about the filing.
Even Trent Reznor got in on the action, in a post to the NIN web site on Monday with the minimal quote "Not ALL news about the music industry is bad these days," with a link to allhiphop.com who broke the story. At last check there were 976 comments to Trent's post on the NIN site.
"We reduced our staff," Burgess says. "It's a dark day here at TVT and a lot of great people have lost their jobs, but we intend to move forward through the reorganization and hope to continue to be a leading independent label," said TVT executive vice president Paul Burgess when speaking to CMJ.