Pinnacle axes jobs as distributor enters administration
"Steep downturn in the UK economy" blamed for collapse of distributor and 94 lay-offs
Pinnacle Entertainment, distributor of videogames and other products, has gone into administration, with the company confirming the lay-off of 94 staff.
BDO Stoy Hayward has been appointed as administrator for the company, and it's believed the redundancies have been made across all divisions, including games business Pinnacle Software.
"Following appointment and an initial review of the company, the administrators have regrettably had to make 94 staff redundant," said BDO. The company had around 350 staff.
"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."
Labels distributed by Pinnacle Software include Ascaron, In2Games, JoWood, Southpeak and Lighthouse Interactive.
No indication of the troubles are evident on the company's website, and a spokesperson for BDO could not confirm whether the company was still trading at the time of writing.
Last week, Woolworths' distribution outfit EUK went into administration, causing supply issues for new releases at retail.
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