Key Indie Label Distributor Company Declared Bankrupt

Indie label distribution company Pinnacle Entertainment has been declared bankrupt, with the firm letting go over 94 people, December 3.

The company is the latest casualty of the credit crunch, and puts the entire future of indie labels into question, as the company was responsible for releasing records from over 400 indie labels.

Independent labels trade body AIM called an emergency meeting, December 4, to see how the indie labels affected can be helped.

Among the hundreds of influential record labels that were distributed by Pinnacle are Rough Trade (home of The Strokes, pictured), One Little Indian, Drag City and Fierce Panda.

Accountancy firm BDO Stoy Hayward was appointed as the administrator to deal with the bankrupt company, reports Billboard, and its business restructuring director, Matthew Tait said the firm is looking at how best they may be able to "handle the trading assets and work with the company to achieve the most favourable outcome."

Thanks for the report to Nme.com.

Comments

[InsaneAss]

"over 94 people" ?

Seriously? That's like say the temperature outside is a little above 40.2 degrees. Was it 95 people and the writer thought, "Hmmm, 95 sounds so much better as 'over 94,' Golden. Print this f'n article up NOW!" ?

[Kotie]

^Ahaha.
I was thinking the same xD

[deathbyawesome]

InsaneAss wrote:

"over 94 people" ?

Seriously? That's like say the temperature outside is a little above 40.2 degrees. Was it 95 people and the writer thought, "Hmmm, 95 sounds so much better as 'over 94,' Golden. Print this f'n article up NOW!" ?

Or they could mean 94 have been let go, but are going to be.