It's kind of a sad day in Green Day history as Alterntive Press writes that Lookout Records - the label founded by Larry Livermore and gave Green Day their first record deal in the late 80's - officially closes down.

Larry left Lookout in 1997, but the label continued releasing new material until 2006. Green Day's first two albums remained on the label for over a decade after the band signed to Reprise. That changed in 2005 when Green Day finally took 1039/Smooth and Kerplunk off the label after they failed to pay royalties for the Green Day music they were selling.

The albums were later released on Reprise and Lookout announced they would have to downsize to support the independent label without that revenue, but they had no ill-will towards Green Day. In a statement released at the time, Lookout's President Chris Applegren agreed that Green Day made a fair business decision.



Since 2006 Lookout remained to keep back catalog of material from other bands they had, such as Ted Leo and The Pharmacists and Mr. T Experience, but released no new material since then. Today's news came from Ted Leo who writes on his blog "Lookout! Ist kaputt"



Larry Livermore wrote on Twitter today:


As we wrote about last September, Larry is currently working with Billie Joe's label, Adeline Records, on releasing a compilation titled "The Thing That Ate Larry Livermore" which will be released this year.