Posted: 12:30 PM EST.
UPDATE: Pitchfork Reports. 12:55 PM EST.
UPDATE: 1:02 PM EST.
Full Statement from Cory Rusk. Courtesy Chicago Tribune.
“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.”
UPDATE: 1:10 PM EST:
So it looks like it’s not Touch & Go proper shutting down but its ancillary operations. Pretty hard to call them ancillary, though, when they’ve been such an integral part (especially to record store buyers and catalog fans) of the Touch & Go identity for so long.
UPDATE: 1:28 PM EST:
According to his official statement, the label will continue releasing recordings from its own storied catalog: The company celebrated its history at the 2006 Hideout Block Party by presenting 31 of its acts ranging from industrial punks Big Black to art-rockers the Shipping News, California dance band !!! to Sicilian experimentalists Uzeda and the subtle guitar band Seam to the in-your-face hardcore group Negative Approach. But it’s unclear whether the label will release new recordings from younger up-and-coming bands.
UPDATE: 2:00 PM EST:
UPDATE: 2:52 pm EST:
Also, T & G may still release new records in the future after all the dust settles and the new business model is working.
UPDATE: 1:47 AM