Punk rock record label Hopeless Records has closed on a deal to acquire the catalog of Fat Wreck Chords — the label co-founded by NOFX’s Fat Mike and Erin Kelly-Burkett — the two companies announced on Wednesday.
The companies didn’t disclose financial details of the purchase. As part of the deal, Hopeless and Fat Wreck Chords said that all the unrecouped balances for Fat Wreck’s roster will be cleared. Also as part of the deal, Hopeless has agreed to a “no-new-signings policy” that the companies said would ensure all focus and resources stay on FAT’s existing roster. Fat Mike (real name Michael John Burkett) and Kelly-Burkett will retain ownership of Fat Wreck Chords’ name, logo and trademark.
Hopeless Records is particularly known in the punk and metal scenes, having released records for artists including Avenged Sevenfold, All Time Low, Taking Back Sunday, YSum 41 and Destroy Boys among others since Louis Posen founded the label in 1993. Fat Wreck Chords, meanwhile, has been home for artists including NOFX and Rise Against since its launch in 1990.
In their announcement, Posen, Fat Mike and Kelly-Burkett describe the new partnership as a “full-circle moment” given their nearly 30 years of friendship. Posen, originally a music video director, first met Fat Mike after reaching out to direct a video for the NOFX song “Bob,” and Mike and Kelly-Burkett later gave Posen guidance on running an indie label. “\Without Fat Wreck Chords, there would be no Hopeless,” the companies said in their announcement.
“The opportunity to lead the history, catalog, and roster of Fat Wreck Chords into the future, alongside Mike and Erin, is the honor and privilege of my 30-year career,” Posen said in a statement. “We are incredibly grateful that Mike and Erin have entrusted the Hopeless team to care for their 35 years of passion and hard work. “I don’t know when it will fully sink in, but we are deeply committed to honoring and continuing the remarkable history of Fat Wreck Chords.”
Fat Mike said that his label had been in touch with several other companies about a potential deal over the past three years, but that after looking around “Erin and I realized that Hopeless was the only choice.”
“We’ve been friends with Louis for over 30 years and he is someone who always seems to doing things for the greater good,” he said. “I completely trust his ethics and acumen with the legacy of Fat Wreck Chords.”
Kelly-Burkett called the deal “one of the biggest decisions I’ve ever made,” but also “one of the most exciting.”
“FAT has been my baby for 35 years,” she said. “To me, it’s more than a label; it’s a community, a home, and a legacy built from the ground up. Louis understands that, and I can’t think of anyone better than Hopeless to carry FAT forward. As a true fan, Louis knows firsthand what FAT is all about, and will build on the foundation Mike and I laid with care and respect. These bands are my family, and I know they’re in good hands with the Hopeless family.”
