The queen of pop's label has high-level clear-out after two years of losses...

MADONNA‘s record label MAVERICK has been forced to carry out a drastic restructuring after making losses reported to be around $60 million in the last two years.

Six of the company’s top executives have left the label, which is jointly owned by Madonna and Warner Music, including the president Bill Bennett.

According to the New York Post, the job losses were approved by the singer herself.

The label’s most high-profile act has been Alanis Morissette.

Madonna‘s ‘Drowned World’ tour kicks off its North American leg in Philadelphia this weekend.