Office 365 security & compliance & How to delete a label that is marked as record

I created a few test labels. I am able to delete all labels except label that has been marked as a record.   Following powershell code gives an error:  "You cannot remove the compliance label because the tag is record label."

How can I delete my label?

Set-ExecutionPolicy RemoteSigned
$UserCredential = Get-Credential
$Session = New-PSSession -ConfigurationName Microsoft.Exchange -ConnectionUri https://ps.compliance.protection.outlook.com/powershell-liveid/ -Credential $UserCredential -Authentication Basic -AllowRedirection
Import-PSSession $Session
IRemove-ComplianceTag -Identity "mytestlabel"
Remove-PSSession $Session