Buckhead Betty - The Coathangers
Sad news hit the indie rock world today when one of it's longest running major players Touch and Go Records announced that the company was drastically reducing in size, axing its distribution arm and laying off several employees. These harsh cuts are the result of the current state of the economy making it too difficult for the label to continue operating as is.
That said, the label still exists, but to what extent, and how it will affect recent signees such as Mi Ami and Atlanta's All the Saints remains to be seen. After owner Corey Rusk released his official statement today, he later told Pitchforkmedia.com that the label may begin releasing new music at some point in the future, but as of right now nothing is certain. In the meantime it also remains to be seen how T&G distributed labels such as Merge, Drag City and Suicide Squeeze -- who recently signed the Coathangers -- will be affected as well.
Here is the complete text of Corey Rusk's statement:
"It is with great sadness that we are reporting some major changes here at Touch and Go Records. Many of you may not be aware, but for nearly 2 decades, Touch and Go has provided manufacturing and distribution services for a select yet diverse group of other important independent record labels. Titles from these other labels populate the shelves of our warehouse alongside the titles on our own two labels, Touch and Go Records, and Quarterstick Records.
"Unfortunately, as much as we love all of these labels, the current state of the economy has reached the point where we can no longer afford to continue this lesser known, yet important part of Touch and Go's operations. Over the years, these labels have become part of our family, and it pains us to see them go. We wish them all the very best and we will be doing everything we can to help make the transition as easy as possible.
"Touch and Go will be returning to its roots and focusing solely on being an independent record label. We'll be busy for a few months working closely with the departing labels and scaling our company to an appropriate smaller size after their departure. It is the end of a grand chapter in Touch and Go's history, but we also know that good things can come from new beginnings."
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