LONDON (CelebrityAccesss MediaWire) — Things got a little darker for the troubled Sanctuary Group. Rough Trade Records, a label that specializes in Indie music, has been a bright spot on Sanctuary's accounting books. At least until this year, as they prepare the to post an estimated $5.4 million loss, a fact that a Sanctuary spokesman has described as "disappointing."
In 2001 Sanctuary acquired a 49% holding in Rough Trade and it has since been one of Sanctuary's top earners with its catalog of highly-successful bands like The Strokes and The Decemberists.
This latest downturn however has sparked some rumors of a Sanctuary divestment. In a press release, Sanctuary said "Sanctuary is undertaking a number of initiatives with regard to Rough Trade to improve its performance, curtail its losses and reduce Sanctuary’s future funding obligations to it. Sanctuary is also considering a disposal of its interest in Rough Trade and is in discussions with a number of interested parties."
What this entails for Rough Trade, which celebrates its 30th year anniversary this year has yet to be determined, but it seems as if they may have potential suitors. – CelebrityAccess Staff Writers
