TVT Records, long considered one of the top independent labels in the country,  axed the majority of its employees today and is expected to file for Chapter 11 bankruptcy protection.

TVT is currently home to such artists as Lil Jon & The Eastside Boyz, Pitbull, Ying Yang Twins, and The Polyphonic Spree.  It was founded in 1985 by Steve Gottlieb in his New York City apartment. From 2001 to 2006, it was named Billboard Magazine's top independent record label.  TVT has had a rich history, purchasing Wax Trax records in 1992, and has released albums from a plethora of artists such as Nine Inch Nails, Guided By Voices, Brian Jonestown Massacre (check out TVT's role in the documentary "Dig!"), Autechrem, and Southern Culture on the Skids among many others. [AllHipHop.com]