Touch & Go Records folding

Label home to early Yeah Yeah Yeah, Jesus Lizard

NEW YORK -- Touch & Go Records, the 25 year old Chicago label that released albums by Slint, the Jesus Lizard, and Big Black, will stop releasing new albums and operate as a catalog label. A source at the label confirms the closure and adds that all albums slated to come out through the spring will be released.

The source also said the announcement comes as a complete surprise to everyone on staff. "Last week we were talking about SXSW, and now this has happened," said the source.

The label will cut 20 staffers, who will work for another six weeks and then exit. The label will then operate with a "skeleton crew" through the end of the year. Their distribution company will fold; a source says all the labels that use the service have been notified.

"It was business as usual on Friday, then I called in to a meeting on Monday and was told about the layoffs," said another source at the label.