In the 1960s, Modern Records went bankrupt and ceased operations, but the catalogue went with the management into what became Kent Records. This back catalogue was eventually licensed to the UK label Ace Records in the 1980s and later sold outright during the 1990s. Modern was also one of the big R&B labels with artists including Etta James, Joe Houston, Little Richard, Ike and Tina Turner and John Lee Hooker in the 1950s and 1960s. Having started as an R&B label, Modern was later one of the few R&B labels to routinely cover rhythm and blues hits on other labels, apparently in an attempt to broaden their appeal and reach the popular market. Here, they had less success and the company eventually went bankrupt, although the catalogue was maintained under similar management at Kent Records. Ace Records of the U.K. now owns the tapes.
Saul, Jules and Joe Bihari were the main people who ran the label. The older brother Lester was only there sporadically.
Tony Hilder was an A & R man for Modern Records in the late 1950s. Later he went on to form his own labels, first CT Records and later owner and president of Impact Records.
Austin McCoy was an artist, session musician and recording session director with Modern Records. He left Modern in late 1950 to take up an A & R post with Mercury Records at their Beverly Hills office.