Looks as if Widespread Panic will be shopping for a new record label. After weeks of rumors, Billboard has confirmed that Sanctuary Record Group-- Widespread Panic's record label--will shut down its U.S. operations this summer.
Sanctuary will continue to run its catalog, licensing and new media operations.
U.K. executives arrived in New York last Thursday and told Sanctuary Records staffers that they would cut operations by June 30, according to a source at the label.
According to a source within the company, Sanctuary Records' U.S. label will cease to release new material this starting this summer. Sanctuary will only continue to run its catalog and licensing operations. All affected staffers, which includes marketing, publicity and most sales personnel, will be let go by June 30th. The label will still work the albums they recently released.
Sanctuary Records will phase out its new-release arm in North America to focus on its back catalog. The label is centered in the United Kingdom.
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