London - Struggling major record label EMI is looking to sell its historic Abbey Road studios, the Associated Press reported, citing a person familiar with the situation. The label purchased the London residence in 1929 and converted it into the recording studio that would be made famous by the Beatles’ record of the same name in 1969.

Terra Firma, the private equity firm that acquired EMI in 2007 for $4.7 billion, has had to make several cash infusions and is currently seeking another to help avoid defaulting on the loan it took from Citigroup to finance the acquisition.

Meanwhile, Terra Firma head Guy Hands reportedly proposed separating the company’s recorded music and music publishing units back in November, Digital Music News reports.

Last week, the Telegraph reported that EMI is also planning “radical cost cuts, including a further reduction in its 3,500-strong workforce.”

Authored by Mark Hefflinger