TVT Records Filing For Chapter 11 Protection
According to Kingblind, TVT Records has fired the majority of its employees and will be filing for Chapter 11 bankruptcy.
While TVT's current roster doesn't do a whole lot for me (Polyphonic Spree, Lil Jon & The Eastside Boyz, etc.), in its salad days it was home to acts such as Guided by Voices, Nine Inch Nails, Autechre, Psychic TV. TVT actually started as as a compilations-only label (much like Razor & Tie Records -- e.g., the home of Jock Jams), with TVT standing for "Tee Vee Toons".
It'll be interesting to see what happens with TVT. Chapter 11 protection should give them some time to reorganize their business and figure out a new strategy. Of course, since no one really has a clear strategy in this industry right now, who really knows what they'll end up doing.