In a not-so-surprising turn of events, Green Day has yanked their earlier recordings from their pre-major label home on Lookout! Records. The pop-punk trio had left two EPs and two LPs, including Kerplunk!, for distribution on Lookout!, but those days are no more. Citing unpaid royalties from these earlier releases, Green Day has snatched their albums out of their former label’s hands.
The group has yet to issue any statements regarding their decision, while Lookout!’s has already posted the following explanation for Green Day’s actions: “After a tremendously successful decade and a half-long relationship with Lookout! Records, Green Day is taking the reigns of their Lookout! albums. Despite any rumors or conjecture to the contrary, Lookout! and Green Day’s long relationship has always been based on trust, friendship and partnership and those bonds remain shared between the label and the band now and into the future.”
The loss of Green Day’s back catalog has brought some big financial woes to the label. According to Punknews, Lookout! has been forced to let go of 2/3 of their staff. With no new releases scheduled for the remainder of the year, the future of the label is shaky at best.