Long-running independent label TVT Records has terminated a majority of its employees and has filed for Chapter 11 bankruptcy protection, but is not expected to close. TVT executive vice president Paul Burgess confirmed the layoffs to CMJ. "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." Burgess said that while both TVT's record label and distribution company have filed, their publishing company is a separate entity and "not subject to the bankruptcy." He added that the company still hopes to release Lil Jon's upcoming album Crunk Rock. A formal statement from the label indicated that new releases, including both singles and albums, from Default, Ying Yang Twins, Ambulance LTD and Memphis rapper Yo Gotti are also expected to be released at some point in the future. The company is currently considering selling its distribution platform or partnering with a digital content company. Burgess attributed the need for the layoffs and "reorganization" to "the challenge of the business" and a recent lawsuit they lost against Miami record label Slip-n-Slide, who sued TVT for the rights to an early album by Pitbull and were granted approximately $9 million. "We have a large payment hanging over us which has accelerated the process and really exacerbated the problem," Burgess says, "and is one of the major reasons we are in this situation." Started in 1985, the label—now home to artists ranging from Lil Jon & The Eastside Boyz and Ying Yang Twins to the Polyphonic Spree—first found success with Television's Greatest Hits collection, a compilation of TV themes songs, and has also released albums by artists such as Nine Inch Nails, Guided By Voices and Sevendust. A few weeks ago, TVT artist Pitbull criticized label head Steve Gottlieb for insufficiently promoting his album, The Boatlift, and urged fans to download it rather than purchase it. Gottleib has previously been criticized in the press by former TVT artists Trent Reznor and Brian Jonestown Massacre frontman Anton Newcombe. www.tvtrecords.com
