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New York based TVT Records who was one of the top independent record labels in the U.S. has terminated the majority of their employees today, sources revealed to AllHipHop.com today.

TVT, which is home to major recording stars like Lil Jon & The Eastside Boyz, Pitbull, Ying Yang Twins, The Polyphonic Spree and others, is expected to file for Chapter 11 bankruptcy protection this week.

TVT was Billboard Magazine’s #1 Independent Label for five consecutive years (2001-2006).

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