Equity Music Group folds
The decision was made after "many hours of discussions with investors who have been hit hard by the economic crisis," according to a press release from the label.
"Our investors tried to find a way to keep the doors open at Equity, but with a struggling industry, an overall decline in discretionary spending by consumers and a total freeze on credit markets, the Board of Directors has been forced to make this difficult decision," said label President Tim Wipperman. "We want to wish our wonderful staff and artists all the best in all their future endeavors."
Wipperman will remain with the company. The company's artist roster includes Black, Laura Bryna, Carolina Rain, Kevin Fowler and new artist Blake Wise.
The label had included Little Big Town, which split to go with Capitol Nashville, and Mark Wills.
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