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Comics distributor Diamond is filing for bankruptcy
Comics distributor Diamond is restructuring and opting for bankruptcy in order to staunch the financial bleeding.
Diamond Comics Distributors, one of the biggest companies involved in getting graphic novels into physical retailers for purchase, is filing for bankruptcy and scaling its business back as the industry braces itself for a new wave of economic challenges. In a letter sent to comics retailers and publishers today, 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 in order to “protect the most vital aspects of our business.” 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.
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