The 16-year-old independent classical record label Dorian Recordings has filed for bankruptcy, the Albany Times-Union reports.
The label, based in Troy, New York, reported that it faced debts of $1 million, including $300,000 owed to a bank, in its Chapter 11 filing earlier this month. In the filing, the company said it is conducting "an orderly wind-down of its business and liquidation of its assets," suggesting that it will not attempt to emerge from bankruptcy protection.
According to a report in the Pittsburgh Post-Gazette, the label is seeking a buyer.
Dorian was founded in 1988 by Craig Dory, a mathematician and amateur recording engineer with a passion for capturing live concerts on record. Many of the label's recordings were made at the acoustically excellent Troy Savings Bank Music Hall. Dorian's artists include a number of Baroque ensembles, including Pittsburgh's Chatham Baroque, Quebec's Les Violons du Roy, and the Baltimore Consort.
In 2003, Doiran launched its own distribution company, On-Demand Media Services; the same year, the company announced that it would purchase the audiophile label Reference Recordings.
According to a report on the web site of Stereophile magazine, however, the former owners of Reference Recordings believe that the sale of the company was never legally completed, and have filed suit in an attempt to regain control.