RESTLESS ON THE ROPES

Ten-year-old Restless Records, the BMG-distribbed label home for everybody from They Might Be Giants and Spain to Warren G. and DJ Magic Mike, is on the critical list.

New Regency Productions, the film/TV company headed by Arnon Milchan which acquired the label in 1997, will pull its financing from the company by the end of August. The label has laid off its promotion department and will let go most of the rest of its employees next month, leaving only a skeleton staff, including President/CEO Joe Regis and promotion head Dave Darus. The company still hopes to make a new deal and is currently negotiating with a prominent Hollywood entertainment company.

According to label insiders, the final straw for Regency came with the unsuccessful campaign for They Might Be Giants' theme song for Malcolm in the Middle.

The Restless catalog includes such acclaimed artists as the Replacements, the Cramps, the Jayhawks, Soul Asylum, Flaming Lips, Dead Milkmen, Agent Orange, DEVO, Stiff Little Fingers, T.S.O.L., Allan Holdsworth and Ween. They also released the soundtracks to the Fight Club, Freddy Got Fingered, L.A. Confidential and Heavy Metal 2000.

The company was founded in 1991 by Regis and William Hein. Restless co-founded ADA with Warner Music Group in ’93, but the distribbery is now wholly owned by WMG.