From Billboard today: "British independent music company Sanctuary Group Plc will shut down its U.S. label this summer, according to a source within the company. Sanctuary did not return calls for comment.
U.K. execs arrived in New York last Thursday (March 29) and alerted staffers the operation would be closing June 30. The company will remain a front-line label in the U.K. with catalog, licensing and an online presence.
The ailing firm had admitted in November 2006 that it was looking to sell parts of its business, including its stake in the independent Rough Trade label. As recently as last month, the company reported it was "making good progress" with its program of strategic disposals, and planned to realign its recorded product operations in the United States.
The U.S. label is home to artists such as Morrissey, Widespread Panic, Motorhead, Idlewild and former Cranberries singer Dolores O'Riordan.