LONDON (Hypebot) – The global economic downturn has taken another victim. Sources tell Hypebot that Pinnacle has fallen into administration – the UK equivalent of bankruptcy reorganization. The UK indie giant distributes dozens of labels including One Little Indian, Magaforce and Cooking Vinyl, as well as, operating an online store and its own label. Current hit releases from the various divisions include The Fleet Foxes, Belle & Sebastian, Nine Inch Nails and Eva Cassidy.
UPDATE: UK indie trade group AIM is holding an emergency meeting in London tomorrow for affected labels and Billboard is reporting that 94 Pinnacle staffers were let go.