The group blame "mounting debts, decreasing assets and exceedingly harsh industry conditions"...

The BEASTIE BOYS have closed down their GRAND ROYAL record label, blaming “mounting debts, decreasing assets and exceedingly harsh industry conditions”.

Established in 1993, the label has released albums by At The Drive-In, Ben Lee, Luscious Jackson, and BS2000, Beastie Boy Adam Horowitz’s side project.

In a statement released on Friday (August 31), Mike D said: “This is one of the most difficult decisions we’ve ever had to make. Over the years the Grand Royal family had grown to include some of the most talented musicians and staff in the business. It’s tragic that the same growth has also produced an overhead and infrastructure that is no longer viable.

“Our intentions were always simply to create a home for exciting music and the people who were passionate about it,” he added. “It really sucks that we can’t continue to do that.”