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Punk Label Fat Wreck Chords, Home to NOFX & More, Sells Catalog to Hopeless Records: ‘It’s Very Pure’
Punk label Fat Wreck Chords, home to NOFX and others, sold its catalog to Hopeless Records in a deal that forgives $3.5 million in artist debt.
Under the partnership deal, founders Erin Kelly-Burkett and Michael John Burkett will step back from the label while forgiving $3.5 million in unrecouped balances for Fat Wreck artists. Thirty-five years ago, in their one-bedroom apartment in San Francisco, college student Erin Kelly-Burkett and punk frontman Michael John Burkett invited 10 friends to celebrate their new record company’s first seven-inch single. The former couple, who divorced in 2010 after 18 years of marriage, wanted to ease out of day-to-day label-management duties while finding a way to “give back to the bands and have them participate in this partnership deal,” Kelly-Burkett says.
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