The Beastie Boys have shut down their Grand Royal label, citing "mounting debts, decreasing assets and exceedingly harsh industry conditions."
The Beasties started the label in 1993, with Luscious Jackson's In Search of Manny as its debut release. In the eight years since, the label has released albums by Ben Lee, Sean Lennon, Atari Teenage Riot and At the Drive-In. Beastie Boy Ad Rock also released his side project, BS2000, on the label earlier this year.
"This is one of the most difficult decisions we've ever had to make," said Beastie Mike D. "Over the years the Grand Royal family had grown to include some of the most talented musicians and staff in the business. Our intentions were always simply to create a home for exciting music and the people who were passionate about it. It really sucks we can't continue to do that."
The label grew to include a magazine and a Web site, which will remain open for the time being to clear out remaining merchandise.