Last night TVT RECORDS, the country’s biggest independent record label, fired off the bulk of its staff. The label is expected to file for Chapter 11 bankruptcy protection before the end of the week.

Since forming in 1985, TVT has hosted a wide roster of acts. Ranging from Nine Inch Nails early on, to current acts like The Polyphonic Spree and Lil’ Jon.

At this time there are no reports of what will happen to the current roster artists, what will happen to label’s upcoming release schedule, or why this decision has been made. But lately there’s been more than a few reports of the label’s artists publicly airing problems with label founder and current President, Steve Gottleib. Like this recent one by Pitbull.

In fact, even though he’s not been on the label for many years, Nine Inch Nails frontmant Trent Reznor posted this single sentence statement about the label on hiswebsite then linking to this story on allhiphop.com.

18 February 2008: you’re gonna get yours

Not ALL news about the music industry is bad these days.

Damn Trent! That’s cold!

But maybe all those record breaking “Crunk Ain’t Dead” bling chains weren’t a good idea after all.

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