Update: Pitchfork reports: Touch and Go has announced that the label will no longer issue new music cease releasing new music for the time being (although they hope to eventually resume, once the dust settles), but will be completely closing down its distribution arm, which helped bring records from labels like Drag City, Kill Rock Stars, and Merge, out into the world.
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Nothing is confirmed yet, but rumors have been swirling around that venerable indie-label Touch and Go—home of Slint and Brainiac, and more recently Mi Ami—is calling it quits.

Time Out Chicago blogger Brent DiCrescenzo reports that the label will go the way of San Francisco ‘s Lookout!—ceasing to issue new releases, but continuing to maintain the back catalog. Others are claiming that Touch & Go will only be calling it quits as a distributor, which would still be terrible news for the smaller labels it serves. That, however, is also unconfirmed.

A press release is expected to land later today, so, hopefully we’ll have more news and less rumormongering as the facts come in.