Lollapalooza [ tickets ], which was due to kick off in just three weeks, has been scrapped because of weak ticket sales, according to organizers.

"Even with what has been touted as the best line-up since its inception in 1991, with such eclectic and respected artists as Morrissey [ tickets ], Sonic Youth [ tickets ], PJ Harvey and The Flaming Lips [ tickets ], among others, and the most competitive ticket prices in the marketplace for a tour this size, it was not enough to counter the weak economic state of this year's summer touring season," organizers said in a statement. "Therefore, it is with the utmost regret that due to poor ticket sales across the board, the Lollapalooza 2004 tour has been cancelled. This morning, tour organizers and concert promoters, faced with several million dollars of losses, made the very tough decision to pull the tour."

Jane's Addiction frontman and tour founder Perry Farrell said, "My heart aches along with the bands, and all of our employees, whose hard work developed one of the most exciting and important tours that this nation was to see. My heart is broken."

Tour co-founder Marc Geiger added, "I am in utter disbelief that a concert of this stature, with the most exciting line-up I've seen in years did not galvanize ticket sales. I'm surprised that given the great bands and the reduced ticket prices that we didn't have enough sales to sustain the tour."

Refund informaton for fans who purchased Lollapalooza tickets via Ticketmaster will be posted at Ticketmaster's Lollapalooza page as it is announced by promoters. (Ticketmaster is liveDaily's parent company).

This year's Lollapalooza outing marked the first time in the tour's history that the event was spread across two days at each stop. The day-one mainstage lineup featured headliner Morrissey, along with Sonic Youth, Le Tigre, Modest Mouse and Black Motorcycle Club; day-two's lineup comprised String Cheese Incident [ tickets ], The Flaming Lips, Gomez and The Polyphonic Spree.

The tour's second stage was due to feature Broken Social Scene, The Walkmen, Wolf Eyes, Danger Mouse, The Datsuns and Sparta on day one; and The Thrills, The Fire Theft, The Coup, Sound Tribe Sector 9, Elbow and Wheat on day two.

Individually, the artists on the roster traditionally perform in theaters and/or clubs. In the past, the Lollapalooza roster has included acts that normally post strong ticket sales in larger venues. Last year's outing featured Jane's Addiction, Audioslave and Incubus.

• Get real-time updates on Twitter
• Visit us at Facebook