Diamond Comic Distributors Sends Letter Of Assurance To Comic Shops

[[{“value”:”

Home

»

Comics

»

Diamond Comic Distributors Sends Letter Of Assurance To Comic Shops

Posted in: Boom, Comics, Comics Publishers, Current News, Dark Horse Comics, IDW, Marvel Comics | Tagged: Ad Populum, diamond

Diamond Comic Distributors sends a letter of assurance to comic book stores… ish

Diamond Comic Distributors has sent out the following message to comic book retailers. It reads as follows.

Dear Diamond Customer:
As you know, Diamond Comic Distributors is now part of the Ad Populum family. This marks a new beginning with a future of greatly enhanced product offerings, as well as a time of transition. Naturally, it also brings with it questions.Many decisions are still taking shape, and we’re actively working through what this next chapter should look like. That means some near-term uncertainty. This is a complex process, and we’re focused on moving forward with intention, making decisions to best position us for long-term stability. That said, we do want to address some of the more immediate questions on your mind:
If you place an order with us, will you receive it?
Yes. Our order processing and fulfillment operations remain active, and fulfilling your orders reliably remains a top priority.
What about your PRH orders?
We are pausing PRH orders for product with an on-sale date after June 25 while we work with publishers to resolve the disruption and provide clear guidance.
What about comics in general?
We’re working with publishers and vendors to ensure continuity across the categories that matter most to your business. We will share updates as more details take shape. In the meantime, the Support Center on the Retailer Services Website remains the best place to go with any questions or concerns. Thank you for your partnership and your patience as we work to shape the future of Diamond together.

This comes after Penguin Random House pulled out of allowing Diamond Comic Distributors to be a third-party distributor to comic book stores, which included pulling all products from Marvel, IDW, Dark Horse, Boom, Valiant, TokyoPop and Dstlry. While Hermes Press said that Diamond won’t be distributing their comics or others anymore, I have had pushback from Diamond/Ad Populum on that, saying that they are definitely still in the comics distribution business. Also, for that matter, Penguin Random House will continue to deal with Diamond UK, for all of those comic book publishers.

You can use these Diamond, Ad Populum, Penguin Random House and bankruptcy tags to keep up with the latest on Bleeding Cool. Here’s a timeline if you want to catch up…

On the announcement of Chapter 11 on the 14th of January, Diamond started a 13-week bankruptcy process run by financial firm Raymond James, got financing to operate, and announced an auction for its assets.
Those assets included Diamond Comic Distribution, Alliance Gaming Distribution, Diamond Select Toys, CGA and Diamond UK
Universal Distribution was named the Stalking Horse bidder for Alliance Games and Diamond UK, which required a purchase commitment of thirty-nine million dollars, but with certain discounts and privileges for taking that position.
The auction took place, and it went late. There was food and breakfast billed for.
And Alliance Entertainment, or AENT, was named the top bidder for the assets of $72,245,000, though not for Diamond UK. This was widely announced, including by Diamond themselves.
Then we learned that a joint bid by Universal Distribution and Ad Populum came second and was named the back-up bid, with a bid of $69,130,000. With Universal getting Alliance and Diamond UK, and Ad Populum getting Diamond Comics, Diamond Select Toys and everything else. Basic Fun was third with fifty million.
A court hearing with the Honorable Judge Rice in Courtroom 9-D at the United States Bankruptcy Court for the District of Maryland at 10 am was intended to ensure the legality of the bid and the process.
But instead, over that weekend, the debtors declared that they had chosen the back-up bid from Universal and Ad Populum instead of AENT, despite AENT having bid more. No reason was given.
AENT filed a lawsuit regarding this decision.
It took the bankruptcy court to reverse that decision and state that AENT, with the higher bid, had won, though they would have to withdraw their lawsuit.
AENT has terminated their winning bid and purchase.
Universal Distribution and Ad Populum were back in the running
Diamond declared “business as usual” but the courts threatened Chapter 7 over late paperwork.
AENT sued Diamond, claiming fraud
Diamond says it’s all in hand and went back to court, wanting to be owned by Universal and Ad Populum.
Sale of Diamond to Universal and Ad Populum was approved by the courts.
Though Ad Populum paid more than we thought.
Podcast blamed/credited with the current state of affairs
Diamond tells Skyrush to stop claiming they won CGA.
As part of court filings, Diamond released details for every comic store on account.
We have some finality.
Ad Populum and Universal Distribution officially acquire Diamond and related assets.
The layoffs have begun.
And continue.
Diamond Select Toys has closed
Diamond try and reassure retailers over ComicSuite
Courts withdraw Chapter 7 bankruptcy threat
We look at the future of Diamond Previews again
PRH pulls out of Diamond entirely
Well, not entirely, the UK can stay.
Hermes Press says Diamond doesn’t want to distribute their comics anymore… or anyone’s.
But Diamond pushes back on that, as they publish a new Previews.

“}]] Diamond Comic Distributors sends a letter of assurance to comic book stores… ish  Read More