London - Pinnacle, a U.K.-based distributor of physical music products like CDs for more than 1,000 independent record labels, has gone into administration (i.e. declared bankruptcy), according to published reports.

Billboard reported that the company has laid off 94 staffers.

The Association of Independent Music (AIM), a consortium of U.K. independent labels, is holding an emergency meeting today to ensure that affected labels "take the necessary steps to protect your stock and your credit position," according to a statement on the group's website.

Hypebot notes that Pinnacle handled distribution for labels including One Little Indian and Cooking Vinyl, shipping CDs for artists such as Fleet Foxes and Nine Inch Nails.

Related Links:
http://www.hypebot.com/hypebot/2008/12/uk-indie-giant.html

http://snipurl.com/76jih (Billboard)

http://www.musicindie.org/news_show.asp?id=140

http://www.pinnacle-entertainment.co.uk