Indie label distribution company Pinnacle Entertainment
has been declared bankrupt, with the firm letting go over 94 people today (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 for tomorrow (December 4) to see how the indie labels affected can be helped.
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.”
Stay tuned to NME.COM for the latest on this story.
–By our New York staff.