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Gucci Mane has announced a major shakeup at his record label, 1017 Records, due to financial struggles. He has released all artists from their contracts, except for Pooh Shiesty and Foogiano.
Gucci Mane cited disappointing profits as the reason for the decision. He had previously informed the artists and their legal teams of his plans.
The label has faced setbacks since rebranding as “The New 1017” in 2020. Two artists, Enchanting and Big Scarr, died from drug overdoses, and HotBoy Wes was sentenced to 15 years in prison.
Gucci Mane is now looking to fill roster slots and rebuild the label. Pooh Shiesty and Foogiano are currently serving prison sentences but are expected to return to the label upon their release.