TVT Records Fired Most Of Staff, Might Declare Bankruptcy

TVT Records fired the majority of its staff today and may file for Chapter 11 bankruptcy soon. The independent record label has backed Nine Inch Nails, Lil Jon & The Eastside Boyz, The Polyphonic Spree and more since Steve Gottlieb started it in 1985. It recently suffered backlash from Pitbull who was urging fans to stop buying his new album on TVT: The Boatlift. Lil' Jon's new album Crunk Rock is due on TVT Records soon; no word yet on how this and other scheduled releases will be affected.For more info, see AllHipHop.com.Lil Jon - "What You Gon Do":