Diamond Distribution files for bankruptcy
The company that once had a monopoly on comics distribution and seemed to be against competition, has released a Businesswire press announcement they're going bankrupt, and filing for Chapter 11:
Most odd about this news, however, is the way some retailers are going about this, like Brian Hibbs of Comix Experience, who said: Now DC under Dan DiDio did some very bad things from an artistic perspective, but that's why to say they're guilty of where things are allegedly leading to in terms of the marketplace is awfully cheap, and besides, didn't Marvel originally precipitate this situation after they tried getting into the distribution business 3 decades before? Not to mention that, if Diamond was monopolizing the business and making it almost impossible to rely on more distribution services, that's wrong. So where does Mr. Hibbs get off scapegoating DC?
I suspect he's also unconcerned about the continued use of the pamphlet format as opposed to paperbacks and hardcovers, and if variant covers are still only so common, that's another issue the industry's not considering. There's a whole potential market for wall paintings out there, and instead of taking advantage of it, publishers continue to rely upon a format that's not being viewed publicly, apart from maybe online samples. But even that's farcical. If artists who care about the medium are serious, they'll start plying their trade for illustrated wall paintings of fantaasy figures, something I'm sure artists like Frank Frazetta did years before. As for Diamond, I think it'd do a lot of good if anybody complaining about their detractors would just consider even Diamond makes mistakes. And the comics medium has to stop relying on pamphlets and actually address that subject - specifically, whether they want pamphlets retired as a format or not.
Diamond Comic Distributors (“Diamond” or “the Company”), today announced that it has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Maryland to facilitate the restructuring of its business. As part of the restructuring process, Diamond has received a $39 million stalking horse bid from an affiliate of Universal Distribution (“Universal”) for Alliance Game Distributors.Given how pretentious their business was, and how quite a few insular ideologues acted as though the industry should solely rely upon them, they're really no loss, and something tells me they've been no help to the independent scene either. For all we know, what money they've received for restructuring probably won't avail in the end.
The Company has received commitments for up to $41 million in debtor-in-possession (DIP) financing from JP Morgan Chase that will be used to fund post-petition operating expenses and ensure adequate working capital to meet its obligations to associates and suppliers.
In addition to securing DIP financing, and a stalking horse bid for Alliance Game Distributors, Diamond has received strong interest in its specialized business divisions, having also entered into a Non-Binding Letter of Intent (LOI) with Universal to acquire Diamond UK. Diamond is actively pursuing offers for, and has received interest from potential purchasers for, its other business units, including Diamond Book Distributors, Collectible Grading Authority, and Diamond Select Toys, as well as its main comic, toy, and collectible distribution lines.
Most odd about this news, however, is the way some retailers are going about this, like Brian Hibbs of Comix Experience, who said: Now DC under Dan DiDio did some very bad things from an artistic perspective, but that's why to say they're guilty of where things are allegedly leading to in terms of the marketplace is awfully cheap, and besides, didn't Marvel originally precipitate this situation after they tried getting into the distribution business 3 decades before? Not to mention that, if Diamond was monopolizing the business and making it almost impossible to rely on more distribution services, that's wrong. So where does Mr. Hibbs get off scapegoating DC?
I suspect he's also unconcerned about the continued use of the pamphlet format as opposed to paperbacks and hardcovers, and if variant covers are still only so common, that's another issue the industry's not considering. There's a whole potential market for wall paintings out there, and instead of taking advantage of it, publishers continue to rely upon a format that's not being viewed publicly, apart from maybe online samples. But even that's farcical. If artists who care about the medium are serious, they'll start plying their trade for illustrated wall paintings of fantaasy figures, something I'm sure artists like Frank Frazetta did years before. As for Diamond, I think it'd do a lot of good if anybody complaining about their detractors would just consider even Diamond makes mistakes. And the comics medium has to stop relying on pamphlets and actually address that subject - specifically, whether they want pamphlets retired as a format or not.
Labels: dc comics, history, licensed products, marvel comics, msm propaganda, sales
