Pitchfork

As of August 31st, Grand Royal, the label founded by the Beastie Boys in 1992, has ceased operations. Mike D, co-founder of the label and key Beastie, stated on the Grand Royal website that "...this is one of the most difficult decisions that we've ever had to make... our intentions were always simply to create a home for exciting music and the people who were passionate about it... it really sucks that we can't continue to do that." The official press release cites "mounting debts, decreasing assets and exceedingly harsh industry conditions" as the cause of the label's demise. Apparently, the label just wasn't making any money, even with At the Drive-In, Luscious Jackson and uh... Scapegoat Wax releasing albums on the Capitol Records subsidiary.

The Grand Royal website is still up, but will likely turn into the new Beastie Boys website in the near future. As for the Boys themselves, this should relieve them of all of their label-running duties and allow them to focus on more Beastie projects in the days ahead. Hopefully, this will also signal a shift from their Tibet-loving attitudes to their Brass Monkey-drinking and angel dust-smoking days of yore.