Hole, the Courtney Love-led rock outfit that shot to fame in the mid-'90s on the strength of singles such as "Doll Parts" and "Asking for It," has officially called it quits. "I will always treasure t

Hole, the Courtney Love-led rock outfit that shot to fame in the mid-'90s on the strength of singles such as "Doll Parts" and "Asking for It," has officially called it quits. "I will always treasure the time we played together," Love said in a statement. "[Guitarist] Eric [Erlandson] has been an important part of my family for over 10 years and he'll continue to be a part of my life." Said Erlandson, "we're incredibly proud of the music we've made together, but it seems like time for both of us to move on."

Hole formed in Los Angeles in 1989 and went on to release three studio albums, but has not been active since 1999. The group's last new set was 1998's "Celebrity Skin" (Geffen), which peaked at No. 9 on The Billboard 200 and has sold 1.3 million copies in the U.S. to date, according to Nielsen Soundscan. In recent years, Love has focused on establishing an acting career but has recorded with the band Bastard and played her first two solo shows on the West Coast last fall.

The artist says she is at work on a new album with former Hole drummer Patty Schemel and 4 Non Blondes principal Linda Perry, which may see the light of day by early next year. Love's label status is up in the air; she is embroiled in a lawsuit that seeks to void her contract with Geffen parent Interscope and separate litigation over the management of Nirvana's back catalog.

"Since Geffen Records closed during the promotion of our last record, there have been a lot of distractions," Love said. "Universal's lawsuit against us made it impossible for us to find a new record company despite overwhelming interest from other labels. After three years of waiting, Eric and I have decided to put Hole to rest."

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