Sonicnet is reporting that The Beastie Boys' Grand Royal record label shut down Friday, citing "mounting debts, decreasing assets and exceedingly harsh industry conditions." Recently Grand Royal released albums from At the Drive-In and a vinyl version of Jimmy Eat World's "Bleed American." Grand Royal was one of the most respected artist-owned sublabels in the last decade. "This is one of the most difficult decisions we've ever had to make… Over the years the Grand Royal family had grown to include some of the most talented musicians and staff in the business. It's tragic that the same growth has also produced an overhead and infrastructure that is no longer viable." Beastie Boy Mike D said in a recent statement.