Throwing Muses Throw In The Towel

August 8 [10:00 EDT] -- It's now official: singer and songwriter Kristin Hersh has announced that her long-running band, Throwing Muses, is calling it quits.

The band members say they can't simply afford to keep the group going anymore.

Hersh and her step-sister, Tanya Donelly, started Throwing Muses as teenagers in 1980, and built it into one of the most influential acts on the alternative circuit. Over the course of its 17-year life span the group earned a number of devoted fans, including such fellow musicians as Michael Stipe, Courtney Love, and Bob Mould.

Hersh is now working on her second solo album which is due out early next year, and Donelly (who left the band in 1992 and in favor of the comparatively short-lived outfit Belly) will release a solo album called "Love Songs for the Underdog" on September 9.