In a stunning early morning announcement, monolithic record label Metal Blade Records has dropped every single band on its roster as it heads into bankruptcy. Owner and founder Brian Slagel issued this statement:
“It is with great sadness that I announce Metal Blade will be no more. My CFO and I have been in meetings all weekend trying to find a way to dig ourselves out of this massive financial hole, but it seems that bankruptcy is the only way out. I’d like to thank all the digital pirates and music thieves for making all of this possible.”
No word yet as to what the hundreds of now label-less musicians are preparing to do.