Reports are that V2 Records in America has been shut down, with 35 members of staff being let go. The parent company, Sheridan Square, had spent $43 million buying indie labels and catalog releases. The company will keep its catalog but will not issue any new music from their frontline acts [which includes the White Stripes].
The label had been home to acts like the Blood Brothers, Sugarcult, Icarus Line and Alkaline Trio and whilst their future homes are not certain, it is thought that they are all free agents. The V2 in question is the American version of the label, which isn’t affiliated with Virgin, and the UK version of the label is unaffected by this change.