Recession Bankrupts Major U.K. Indie Label
Indie lable distribution company, Pinnacle Entertainment, has seen the effects of the downturn of the world economy. The distribution company had to lay off more than 94 people so far. Accountancy firm BDO, Stoy Hayward has confirmed that the company has been appointed to the administrator today. This is fairly close to bankruptcy in the United States, according to Billboard.
NME.com reports that Independent label trade body, AIM, called an emergency meeting for tomorrow morning.
“AIM is holding an emergency meeting for all labels affected by the pinnacle administration, which will be attended by corporate insolvency specialists,” said CEO Alison Wenham, according to a company statement.
Rough Trade, One Little Indian, Drag City and Fierce Panda are among the over 400 record labels which are
The Decemberists
distributed by Pinnacle Entertainment. Pinnacle Entertainment is the United Kingdom’s largest independent distributor and is home to artists, such as, Belle and Sebastian, The Decemberists, The Dears and many other indie/alternative rock artists (Pinnacle Entertainment Web site.)
Wenham concludes, “We will do everything we can to help the labels affected to minimise their exposure and manage all necessary legal and financial matters as quickly and as cost-effectively as possible.”
