The Berkeley-based indie / punk label, Lookout! Records, which released records from such bands as Green Day, Operation Ivy, and the Mr. T Experience, will finally be closing its doors.
According to Variety, the label, which has not released any new material since 2005, as been in trouble for some time.
Lookout!'s website released the following:
I'm not sure exactly where exactly to start but I guess it's best to get the hard part out of the way. To put it simply, what was mentioned recently on Ted Leo's website (and reported in by a number of other outlets online) is true. Lookout Records will be closing its doors over the next few months. Most people that are reading this know that the label stopped releasing material towards the end of 2005. It was then that Lookout ended its long relationships with Green Day, Operation Ivy and a few other artists. That development meant significantly scaling down the business, which included letting the staff go and moving from the label's Berkeley headquarters and warehouse into a small office. It was a challenging time for everyone involved - bands, staff, and business partners. For myself and the other two owners at the time, Cathy and Molly, we resolved to put our limited resources into rectifying some of the issues and problems that had been Lookout's undoing, return to a modest operation, with the hopes of first, getting things back on track, and hopefully doing more in the future.
The label was founded in 1987.