Staffers at Razor & Tie were told to expect major layoffs in the wake of Concord Music's full acquisition of the indie label, according to multiple sources. Concord denied that the label is shutting down.
The deal includes the label, publishing division, Kidz Bop and imprint Washington Square Records. The indie music group's current roster includes Starset, The Pretty Reckless, All That Remains, Red Sun Rising, The Sword, and Sons of Texas.
"It was always understood between Cliff Chenfeld, Craig Balsam, and the Concord team that Concord would eventually purchase the remainder of the cStarset, The Pretty Reckless, All That Remains, Red Sun Rising, The Sword, & Sons of Texas.ompany at some point after our initial investment in 2015," said Concord Music COO Glen Barros in a statement. "We mutually and amicably decided that the time was right to do this now."
Founded in 1990 by Cliff Chenfeld and Craig Balsam, the two will continue as co-CEOs of Razor & Tie through the middle of 2018 and are expected to continue to work as part Concord thereafter.