Starting last Friday, V2 Records, whose roster includes the Crystal Method, the Raconteurs, and the White Stripes, will no longer release new material from its artists, opting instead to focus on its back catalog.

It’s a move that carries more repercussions than your average consumer would at first consider. Employees–thus far the number is estimated to be 35–have been let go, including label president Andy Gershon, who summed up the situation pretty seamlessly when he told he wishes “the best for everybody that’s still left at V2 and [its parent company] Sheridan Square.” Judging from the looks of things, that won’t be many by the time the so-called restructuring is complete. Although V2 will continue holding rights to all releases in the back catalog, it’s back to label shopping for the artists.

The company is also looking for ways to expand its digital operations. It’s an interesting direction to take, seeing as the only genre of music that the label will continue releasing is gospel.