Diamond Comics Publishers—the comics distribution company that, for decades, held a firm grip on the shipping of comic books from the industry’s biggest publishers across the western world—has announced to retailers that it has filed for bankruptcy, and is preparing to sell off several parts of its distribution arms across the world in an attempt to secure financial stability.
The news (via BusinessWire) comes from a letter sent to comics retailers today by Diamond’s president, Chuck Parker, citing the “unexpected loss of certain exclusive publisher relationships, compounded by an overall contraction in consumer spending, increased inflation, and a loss of margin on key print product lines” as cause for the distributor to “restructure its operations and secure the most favorable outcome for all stakeholders.” Diamond recently confirmed it had suddenly shut down its Plattsburgh, NY distribution center late last year, after months of delayed and damaged shipments to comic book stores across the U.S., in an attempt to re-tweak its tumultuous production issues.
The “unexpected loss” came several years ago in the wake of Diamond’s controversial handling of the covid-19 pandemic. The distributor shut down shipping of new comics to stores early on during initial lockdown phases in 2020, essentially bringing an end to the sale of physical comics due to its array of exclusive distribution deals with the majority of publishers in the industry. But that shutdown ultimately led to multiple publishers breaking off from Diamond to seek alternative paths to distribution. DC Comics became the first major publisher to cut ties in June of 2020, while Marvel would follow in 2021. By 2024, Image, IDW, and other publishers had followed suit in ending exclusive distribution through Diamond.
As part of the bankruptcy process, Diamond confirmed that it intends to sell its UK distribution arm, Diamond UK, as well as its tabletop game distribution subdivision Alliance Games, to Universal Distribution, while also citing potential sales interest in multiple other branches of the company, including the grading service Collectible Grading Authority, as well as Diamond’s merchandise arm, Diamond Select Toys.
“Diamond has been a linchpin of the comic book industry for over four decades,” Parker concluded in a statement. “Our priority has always been to provide quality service to publishers, retailers, and, ultimately, comic fans, and we remain committed to finding additional buyers for our businesses.”
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