YG has officially announced that 2NE1 is disbanding.

Though the group is no more, CL and Sandara Park have signed solo contracts with YG. Park Bom has not resigned with the agency.

Here is the official statement from YG:

“2NE1’s exclusive contract expired in May 2016, and with Minzy leaving 2NE1, we have reached the conclusion after extensive discussion with the remaining members to officially disband.

“As 2NE1 was YG’s official girl group for seven years, we cannot begin to express how we feel, but we determined that it was too difficult to continue. Rather than waiting an undetermined amount of time for 2NE1’s next promotions, we have decided to focus on the members’ solo activities.

“We sincerely thank all the fans both in Korea and abroad that have love the group and their music for all this time.

“We would like to officially announce that after last May, we resigned with CL and Sandara Park. However, unfortunately, there is no new contract with Park Bom.”

Source: Naver via Soompi