The Beastie Boys' Grand Royal label is closing its doors due to "mounting debts, decreasing assets and, exceedingly harsh industry conditions," said Beastie Boy Mike D.
"This is one of the most difficult decisions we've ever had to make," he continued. "Over the years the Grand Royal family had grown to include some of the most talented musicians and staff in the business. It's tragic that the same growth has also produced an overhead and infrastructure that can no longer be viable. Our intentions were always simply to create a home for exciting music and the people who were passionate about it. It really sucks that we can't continue to do that."