Australian label and distributor Creative Vibes is calling it a day after nearly 15 years in the business.

Founders Gordon Henderson, Peter Pasqual and Heidi Pasqual launched the independent firm in Sydney back in January 1994 with a vision statement to "make sure that music shops, music media and above all, music lovers got to hear and learn about many brilliant, but non-mainstream artists from all over the world, including and especially those on home soil."

Early releases were anything but conventional. Japanese Acid Jazz exponents Mondo Grosso, UFO, Kyoto Jazz Massive and Soul Bossa Trio were among its repertoire, as were Brit New Jazz recordings from Down To The Bone and the Internal Bass label.

Creative Vibes steadily built up its roster of international product, while ramping-up its A&R approach to homegrown talent. Over time, the label signed and worked with a string of critically acclaimed domestic acts, including Soup, Moonrock, Tyrone and Katie Noonan, Dhama Bums, Eon, Multiball, Sheriff Lindo, Jeff Dread, Ollo, The Bird, Superfluid, Duosseudo, the New Black and Gotye.

In a statement, the founders blamed in part competition from vertically-integrated multinationals and the recent massive fall in the Australian dollar for their decision to wind-up.

"The majority of our business is in imported music which has always funded our investments in emerging, Australian artists," they write in a post on Creative Vibes' Web site. "Because of the recent, drastic drop in the value of the Australian dollar, combined with the spiralling demand for discounts and deals, we can't get the margin out of our imports to sustain the development of our local releases."

The executives add, "It will take us a couple of months to help our labels and artists find new homes, pack everything up, collect the money our customers owe to us and distribute it out to our artists and suppliers, but we'll conduct the wind up as quickly and as efficiently as possible."