Abstract: The present invention relates to a multi-layer oriented shrink film comprising at least one skin layer comprising a polystyrene material and at least one core layer comprising a polyolefin layer. The films are preferably primarily oriented in either the machine or the cross direction. These films are ideally suited for use as a shrink label which can be applied either as a CD shrink sleeve or applied using a continuous roll process. The films ideally have an overall density of less than 1.0 g/cm3, to facilitate recycling efforts.