Diamond Comics Distributors, one of the biggest companies involved in getting comic books and graphic novels into the hands of retailers for purchase, is filing for bankruptcy and scaling its business back.
In a letter sent to comics retailers and publishers last week, Diamond president Chuck Parker announced that the company has filed for Chapter 11 Bankruptcy and plans to sell off its Alliance Game Distributors arm to Universal to “protect the most vital aspects of our business.”
“This decision was not made lightly, and I understand that this news may be as difficult to hear as it is for me to share,” Parker explained. “The Diamond leadership team and I have worked tirelessly to avoid this outcome but the financial challenges we face have left us with no other viable option.”
Founded in 1982 by Stephen A. Geppi (who still serves as CEO), Diamond became a heavyweight in the comics business by securing a number of exclusive distribution agreements with various publishing houses like DC, Marvel, and Image. For decades, Diamond — which also publishes its Previews magazine showcasing upcoming titles — was instrumental in bringing comics to market and played a huge role in determining a book’s success because of how Previews influenced retailer orders.
In recent years, many of Diamond’s bigger-name publishing partners have dropped them as the company failed to meet expected delivery deadlines to retailers, which left stores struggling to meet customer demand. Given the tough time Diamond has been having as of late, the announcement that it’s filing for bankruptcy isn’t entirely surprising.
Discover more from The Retro Network
Subscribe to get the latest posts sent to your email.
