Billboard is reporting that V2 Records has laid off its staff and has decided to focus strictly on their back catalog. The label will retain the rights to its vast catalog, including platinum-selling releases from the White Stripes and Moby, but reportedly will not release new music from any of their artists.

This affects -- and potentially contractually frees up -- a number of bands, including Sugarcult, the Blood Brothers, the Raconteurs, Gang Of Four, the Adored and dozens of others; most notably, it puts into question the status of the new Alkaline Trio album, as the band signed to the label last October and were slated to begin recording next month. When we hear more, we'll let you know.

V2 was founded in 1996 by Richard Branson, who had previously founded then sold Virgin Records. In 2006, Branson sold the umbrella company V2 North America -- which, besides controlling V2 Records in the U.S., also owned, licensed and/or distributed records from numerous other labels -- to Sheridan Square Entertainment for $15 million. SSE made the decision yesterday to restructure V2 in such a way where its offices will move to Nashville and focus almost entirely on back catalog.

Someone doesn't read Obner at the weekends.