A representative for Sean 'Diddy' Combs' Bad Boy Records label has shut down speculation the company is on the verge of closure, insisting the rumors are unfounded.

Reports surfaced online this week (begs27Jan14) suggesting members of staff had either been let go or transferred to Combs' other ventures, such as his Ciroc vodka collaboration or his new Revolt TV network, as bosses prepared to wind down business.

However, a spokesperson has since dismissed the claims, telling XXLmag.com, "Bad Boy shutting down is nothing more than rumors. (It) isn't true."

Combs founded the firm, a subsidiary of the Universal Music Group, in 1993 and helped to launch the careers of artists like the late Notorious B.I.G., Lil' Kim, Ma$e and singer Faith Evans.

Artists on the Bad Boy Records' current roster include Combs' rumored girlfriend, Cassie, singer Janelle Monae and rappers French Montana and Machine Gun Kelly.