American Christian label Butterfly files for bankruptcy.
FOLLOWING two years of streamlining and internal restructuring, American Christian record company Butterfly International has officially filed for bankruptcy. While hopes had been high for the music group, originally co-owned by chart topping singer Bob Carlisle, the company, whose labels included Christian Records, Gospel One Records and Flying Leap Records, never recovered from a shakey start. Said managing partner George King, "I believe (the company's failure was due to) the combination of a very soft market and stores being much more conservative. That made for higher returns for everybody and then, as it turned out, the Left Behind multi-album project (which Butterfly distributed) didn't perform at the level everyone thought it would."
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