Indie label, TVT Records, has laid off a gang of people and filed for Chapter 11 bankruptcy, CMJ reports.

“We reduced our staff,” executive VP Paul Burgess said. “It’s a dark day here at TVT and a lot of great people have lost their jobs, but we intend to move forward through the reorganization and hope to continue to be a leading independent label.”

Singles and albums, from Default, Ying Yang Twins, Ambulance LTD and Memphis rapper Yo Gott are still expected to be released and TVT is considering teaming with a digital distribution network to pump up revenue.

Recent legal issues and some high profile dust-ups with artists on its roster, including GLONO faves The Brian Jonestown Massacre, have led to tough times for the label that brought you albums from Guided By Voices and NIN. Burgess says that the reorganization is not death knocking at its door but it’s hard to imagine an indie pulling out of the fire in today’s market, especially one that markets predominantly to kids who don’t think twice about downloading their favorite artist, nevermind what they think about the label who fronts the cash for that artist.