The Beastie Boys' Grand Royal record label shut down Friday, citing "mounting debts, decreasing assets and exceedingly harsh industry conditions."

Home to highly praised rockers At the Drive-In and Luscious Jackson — both of whom have broken up — Grand Royal was one of the most popular artist-owned labels of the last decade.

"This is one of the most difficult decisions we've ever had to make," Beastie Boy Mike D, who took over operations as his bandmates got involved in other projects, said in a statement. "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.

"Our intentions were always simply to create a home for exciting music and the people who were passionate about it," Diamond added. "It really sucks that we can't continue to do that."

The Beastie Boys founded the label in 1993; its first album, Luscious Jackson's In Search of Manny, was issued shortly after.

Grand Royal also released albums from Atari Teenage Riot, Ben Lee, Sean Lennon, Bis, Buffalo Daughter, Money Mark and BS 2000, Beastie Boy Adam Horovitz's side project.

This year, the label has released albums by Scapegoat Wax and Nullset, and it was preparing for the U.S. release of Bran Van 3000's Discosis. A vinyl version of Jimmy Eat World's Bleed American was issued this summer.

At the Drive-In's 2000 release, Relationship of Command, has sold nearly a million copies worldwide.