TVT Records, home to artists such as Lil Jon, Pitbull, Ying Yang Twins, Yo Gotti (pictured above) and Teedra Moses, became another casualty of the steady decline in Hip Hop record sales yesterday. According to online reports, the label filed for Chapter 11 bankruptcy and fired most of its staff.

The writing has been on the wall for awhile now - Lil' Jon packed up and deserted camp for Los Angeles last year, and Pitbull expressed his dissatisfaction with the promotion his CD Boatlift received. But the news still surprised some including the artists like Teedra Moses who is seeking a new label home.

Sources close to TVT Records revealed that artists like Yo Gotti and Teedra are free to seek contracts with other labels. "Yo Gotti is a prime candidate as a free agent to go...He's done his part as an artist, and although he's a little under the radar and people in New York don't know him that well, other majors like maybe Def Jam or Universal, whom he had a previous deal with, might want to pick him up," revealed the source.

This morning, a slew of "last day at TVT" emails went out to most of the industry - including Sandrarose.com. One email's author, considered a head honcho at TVT, wrote:

Today is my last day at TVT Records. After six years, I will be moving on to pursue new opportunities. It has been a pleasure and I sincerely appreciate all your support, guidance, and encouragement...

Splendid new beginnings...