United Records purchases Rainbo Records liquidated assets

Last year, Rainbo Records announced that it would have to close by the end of January 2020 due to a rent increase. In an article by the LA times, Rainbo general manager Steve Sheldon revealed that the rent hike was 40%, but he wanted to keep the company going. However, the higher overhead proved to be insurmountable and the company liquidated its assets. United Records, which is based out Nashville and presses its records int he state, purchased essentially all of Rainbo's assets, including the presses, customer lists, and intellectual property. As of today, Rainbo is essentially closed. The company had been in operation for about 80 years.