Sure it is affecting sales, and the WHS situation as well. My town doesn't have HMV or Zavvi, only Woolies and WHS so not great right now. Our nearest out of town shopping park has Zavvi but no HMV.

Btw, Virgin did not go bust. Richard Branson, its founder sold out his majority share to the board, but as they didn't buy the Virgin brand (Virgin still does other products), they had to rename the stores Zavvi. I believe it's the initials of the remaining board members or something...

 

Was a management buy out, Zavvi is independent now and is free of Virgin's reigns. ANd it isn't the initials :lol: It's a play on the word tech 'savvy'. :lol:

Was a management buy out, Zavvi is independent now and is free of Virgin's reigns. ANd it isn't the initials :lol: It's a play on the word tech 'savvy'. :lol:

thanks for the clarification matt, this is what i was saying (bold). I'm not sure about the savvy thing, but i read the initials thing in a (not very reputable) paper. Who has a name beginning with Z though?! :lol:

Pinnacle goes into administration

 

13:07 | Wednesday December 3, 2008

 

Distributor Pinnacle has gone into administration, with the loss of 94 jobs.

 

The company, which distributes labels such as Dramatico and One Little Indian, reportedly told staff the news this morning. Senior executives are believed to be in meetings this afternoon in an attempt to resolve the situation.

 

Staff are not answering phones at the company’s Sidcup headquarters and there is no indication on its website www.pinnacle-entertainment.co.uk. However, adminstrators Matthew Tait and David Gilbert at BDO Stoy Hayward confirmed the news this afternoon.

 

BDO said in a statement, "Matthew Tait and David Gilbert, business restructuring director and partner at BDO Stoy Hayward, were appointed joint administrators of Pinnacle Entertainment Ltd and [trading company] Windsong Holdings Ltd on Wednesday December 3 2008."

 

"Following appointment and an initial review of the company, the administrators have regrettably had to make 94 staff redundant," it added. The company has a staff of around 350.

 

Tait says, “Unfortunately the company has been affected by the sudden and steep downturn in the UK economy. We are looking at how best we may be able to handle the trading assets and work with the company to achieve the most favourable outcome.”

 

It is not yet clear if Pinnacle is continuing to trade, although a spokesman for the adminstrator says that it has not shut down completely.

 

Pinnacle is one of the UK's leading independent distributors, with a 3.8% share of the albums market in the third quarter of 2008.

 

The company is split into a number of divisions including Pinnacle Records, Pinnacle Software and Pinnacle Vision.

 

It also distributes for business partners Cadiz, New Note, Shellshock and Nova.

 

Key titles being distributed by Pinnacle in Q4 include Fleet Foxes' debut album (Bella Union), Eva Cassidy's Somewhere (Blix Street), Nine Inch Nails' The Slip (Null Corporation), Belle And Sebastian's The BBC Sessions (Jeepster) and The Katie Melua Collection (Dramatico).

Oh FFS :angry: Pinacle? The best indie distributors of all time. The majors must be loving that.