Beastie Boy MIKE D. has this weekend confirmed the closure of GRAND ROYAL RECORDS, the influential label founded by the Beasties in 1993. Citing mounting financial problems, the news of the label's demise is shocking to music fans and critics alike, as Grand Royal had built a name for itself as one of the most successful artist-controlled labels. "Our intentions were always simply to create a home for exciting music and the people who were passionate about it," said Mike D. in this weekend's final press release. "It really sucks that we can?t continue to do that." Grand Royal's largest success stories were Luscious Jackson and At the Drive-In, but the label was also responsible for Money Mark, Sean Lennon, Ben Lee, and at times handled US distribution for Atari Teenage Riot, Buffalo Daughter, and (formerly) Bis. The label will be missed.