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Collect Records Cuts Tie With Big Pharma CEO And Is Likely Going Out Of Business

The saga continues, though much more bleakly.

The saga continues, though much more bleakly.

Well this has all happened pretty quickly. On Tuesday we posted about Thursday frontman Geoff Rickly's label Collect Records being tied to the big pharma CEO Martin Shkreli, who jacked up prices of an antimalarial medication used to treat HIV patient over 5,000-percent. Then on Wednesday we posted about the bands on Collect Records actively wanting to get off the label due to its ties with Shkreli, as well as Rickly's considering cutting ties with Shkreli.

Today… things got bleak. According to Pitchfork, Rickly has straight up cut all ties with Shkreli effective immediately.

Today, Collect Records — with the support and encouragement of all of our artists — have agreed to fully sever our relationship with Martin Shkreli, effective immediately.When I decided to get into business with Martin, we took him on as a patron. He was completely silent and allowed us to do business as we pleased. His only ask was that we sign bands that we believed could make great art given the right environment and not to focus on a profit, no matter how dire the bottom line.

Never in a million years did any of us expect to wake up to the news of the scandal that he is now involved in. It blindsided and upset us on every level. As such, we know it is impossible for us to continue having any ties with him. For my part, I've always strived to make Collect a place that was so liberal, encouraging, and artist-friendly that no one would ever walk away from us willingly, though to do so at any time would be very easy. To that end, I hope that our bands continue to believe in our guidance and passion. Any of them that have had an incurable crisis of confidence will be allowed to leave with nothing but the kind of encouragement that we've built our label on.

For all the kind words of encouragement that I've received over the past two days, I'm forever grateful.

From all here at Collect Records, thank you.

Wow. I thought for sure there was going to be a bit of a process behind all this, but it looks like things are just simply over and done with. Rickly was also quoted i the New York Times saying that the label is pretty much over because he can't afford to go on without financial backing.

Mr. Rickly said losing Mr. Shkreli's financial support might result in the label's closing. "This is going to end the career of the record label, no doubt," he said. "If I were a band on the label I would be having a serious crisis of faith right now. The amount of money I have in the bank doesn't cover my outstanding invoices. It's devastating."

So I wonder what happens to all the bands on the label now as well? Seems like they're pretty shit out of luck and the worst part is that it's really not even Rickly's fault. Rickly seems like a good dude that was just trying to make his record label work.

We'll keep you posted about the future of Collect Records as we hear about it.

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