Dawn Raid - the pioneering South Auckland business that began selling T-shirts at Otara market and became a major international entertainment industry - has closed its doors.
The company was formed 10 years ago by Andy Murnane and Danny ``Brotha D'' Leaosavai'i. It represented and recorded top local hip-hop artists, produced jewellery and fashion ranges and ran a graphic design business.
Among its artists were Aradhna, Savage, Adeaze and Deceptikonz. Liquidators are now considering whether the artists' contracts can be assigned to any company that may wish to take over the business.
The founders, who put their companies into voluntary liquidation last week, described their business ventures as ``an exciting and fun journey for us, our artists and our dedicated fans over the last 10 years.
``However, it's a sad day for all involved and we want everyone to know that we view Dawn Raid as a success and we look forward to new opportunities in the future,'' said Brotha D.
They blamed a downturn in the label's revenues for the demise. They said the downturn was a result of a shift in the local urban music market, compounded by their company's high overhead structure and increased activity in illegal music downloads.
Mr Murnane said the company had spent the past two years expanding into Australia when ``we should have been consolidating our local operation''.
A liquidator said it was too early to say how many unsecured creditors were owed money and whether they would see any funds.
- NZ Herald
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