TVT Records Files For Bankruptcy; Lays Off Staff

      TVT Records is filling for Chapter 11(Bankruptcy), after reportedly firing it’s staff.

      The label, founded and still run by Steve Gotlieb, has been in existence over 22 years. In Hip Hop, the label’s largest successes have come from southern acts such as Lil Jon and the Ying Yang Twins.

      In the last three years, TVT had witnessed a severe decline in its urban sales. As Lil Jon publicly skewered the label and withheld submitting his next album, Pitbull, as recently as last week, encouraged his fans to bootleg his music, an action against TVT.