TVT Records 'Files For Bankruptcy'

The label that has been dogged by a string of jaded artists, TVT Records, is expected to file for bankruptcy later this week.

Home to the likes of the Ying Yang Twins, The Polyphonic Spree, Pitbull and Lil Jon, the imprint fired the vast majority of their staff yesterday. They will file for ‘Chapter 11’ bankruptcy before the week is out, reports Allhiphop.com. 

Nine Inch Nails’ Trent Reznor famously had a bitter fall out with TVT over a contract agreement and Ja Rule had a legal feud, while just last week Pitbull accused the label of holding back on his promotional push.

The rapper blasted: "I'm out here working like a slave, doing things that other artists don't even know how to do. A label's there to further and promote your career, but it feels like they just keep holding me back."

It will be a huge fall from grace for the imprint which was once one of the biggest independent labels in America.

The label was founded by Steve Gottlieb in New York in 1985. In its early days Gottlieb ran the imprint from his own apartment.