Released in November 1991, "Loveless" was rumoured to have cost more than £250,000 and bankrupted Creation Records, claims that Shields has denied. Critical reception to "Loveless" was nearly unanimous with praise, although the album was not a commercial success; it peaked at number 24 on the UK Albums Chart but failed to chart internationally. McGee dropped My Bloody Valentine from Creation Records soon after the release of "Loveless" because of the album's extensive recording period and his interpersonal problems with Shields.