Despite having signed big-time artists like Wolfmother, Cut Copy, Yeah Yeah Yeahs and Robyn, it seems the Australian label Modular has run into hard times. And by that we mean $5.9 million in debt. According to company accounts, this is how far in the red the Sydney-based record label was by the end of 2007, the Daily Telegraph has reported, with Modular losing nearly $1.8 million last year and another $2.6 million in 2006. (More after the jump.)
