Gucci Mane is making some changes ... his 1017 Records financial situation is down bad so much, that he feels it's best to drop all his artists and start anew ... except for his proven talent Pooh Shiesty and Foogiano!!!
On Friday, Gucci addressed his fans and admitted he didn't get around to making a fuss about the label's holiday -- October 17 -- because the company's profit and loss statements weren't adding up in his favor.
Gucci revealed he told all the other artists and their legal teams ahead of his announcement ... but cut the contracts so they could spread their wings and fly elsewhere.
Despite Pooh and Foogiano's success, Gucci's camp has had a rough go at life since rebranding as "The New 1017" back in 2020.
We broke the stories ... Gucci's artists Enchanting and Big Scarr both died from drug overdoses in December 2022 and June 2024, respectively, leaving the label hanging on a thread.
Texas rapper HotBoy Wes was sentenced to 15 years in prison back in January -- exactly a year after 1017 rookie Mac Critter got arrested on first-degree murder charges.
Gucci says he's still looking to fill roster slots and the runway will be wide open for them.
Pooh and Foo are both currently serving 5-year prison sentences.