Pinnacle Entertainment the UK independent record label distriubutor has been declared bankrupt leaving 94 employees without jobs and putting the future of hundreds of indie record labels in jeopardy.
Pinnacle was the distributor responsible for releasing records for over four hundred indie labels, the independent labels trade body AIM are meeting today to discuss how the companies affected can be helped.
While the credit crunch is said to be the cause of the company failure it is unclear as yet, whether the twenty first century phenomenon of online digital downloads has had any part to play in it’s demise.
Pinnacle distributed for some of the best known indie labels, including Rough Trade, One Little Indian, Drag City and Fierce Panda.
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