Rough Times For Rough Trade

Sanctuary Group, one of the largest independent music companies and 49% owner of Rough Trade Records is expected to file a financial loss for 2006. The downturn is directly caused by Rough Trade’s $5.4 million loss this year. Sanctuary reported in a press release that it “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."

The London-based label, best known for championing quality independent acts like the Strokes, the Libertines, and Belle and Sebastian, will find itself limited in future ventures by Sanctuary’s declining support. The Rough Trade record shop celebrated its 30th Anniversary this year. May its 1978-established label live as long.