Yesterday proved to be quite chaotic for 1017 Records.
Gucci Mane made the tough call to terminate nearly all his artists as he confronted significant financial losses from his label.
“The whole industry feels like a circus at the moment, but when I review my profit and loss statement, and as a businessman, it seems I have to let almost all my artists go except for Pooh Shiesty and Foogiano,” he expressed. ”This isn’t a choice I wished to make. I mulled it over. I could keep all of them under contract. But I thought, why not take the unselfish route and allow them to pursue opportunities elsewhere. I’ve already contacted each artist and their legal representatives.”
Two of the dismissed rappers have shared their thoughts on the situation. Lil Jay sees the dismissal as a fortunate turn of events.
“Hey, this is exactly what I wanted. I’m not bothered; I’ve been discussing this for the past couple of days. I really don’t care at all. People know what’s up before the truth comes out, they know,” Lil Jay commented.
BigDogWalk also remarked that it doesn’t faze him.
“That was a strategic move for Wop; it’s his decision. What makes anyone think I’m supposed to be affected by that? I’m already established,” he posted on his IG Story.
As for Pooh Shiesty and Foogiano, who continue to remain on the label, they have not yet spoken out, partly due to both serving five-year prison sentences.