Record labels hoisted another red flag on Friday, when V2 Records–home to the White Stripes, the Raconteurs, Moby–laid off its entire staff. The label will continue to distribute the White Stripes back catalog and new gospel releases, while all the rock bands in its stable are now free agents:
Sheridan Square has basically shuttered its frontline V2 record business as part of restructuring to focus on its catalog releases and the future opportunities presented by digital distribution.
Today (Jan. 12), the company let go its V2 staff, including president Andy Gershon, and will reorganize the business in its Nashville office, where the company’s COO Michael Olsen will oversee the catalog business. About 35 people are believed to have lost their jobs as part of the restructuring.
As part of that move, the company will retain the White Stripes catalog, but will no longer issue new music by the duo or other frontline artists such as Moby or the Raconteurs, sources say. The only genre the company plans to participate in the frontline going forward is gospel.
The biggest loser in this restructuring? Garage revivalists The Mooney Suzuki, whose new album, Have Mercy, was scheduled to come out Jan. 30. And are the Blood Brothers–who were previously signed to the doomed imprint ArtistDirect–one of the unluckiest bands ever?