let go over half of their staff on Friday March 15th, and will cease to operate
as a stand alone label. According to sources, Sony Music’s Columbia Records
will take over marketing, promotions and sales.
The label is currently staffed with less than
10 Loud employee’s, which are A&R and some senior management. Steve Rifkind
resigned from the company he built as well, and is said to be focusing on his
marketing company, SRC (short for Steve Rifkind Company) and a new film comapny
that he is launching. Rifkind had been seeking a buyer for Sony’s stake in the
label, which is believed to be 75 percent.
Loud recently released the critically acclaimed
LP "Built From Scratch," by the X-ecutioners.