EMI SHUTTING 2 NEW YORK-BASED RECORD LABELS

EMI Group P.L.C. said yesterday it would shut down two New York-based record labels, dismissing 140 people including the chief executives, in the final step in the British music company's shake-up of its North American business. EMI said last month that it would take a $:117.2 million ($191 million) charge to pay severance costs, provide for bad debts from United States retailers and close the head office of EMI Capitol in New York. The latest cuts come at EMI Records and Enclave Records, a smaller start-up label. Enclave will be folded into Virgin Records, while the roster and some of the staff at EMI Records will be consolidated into Virgin and Capitol Records.