Diamond US file for bankruptcy

Diamond Comics Distributors has filed for Chapter 11 bankruptcy in a letter sent out by President Chuck Parker. They are selling their Alliance Game Distributors and Diamond UK division to Universal Distribution, the Canada-based distributor. Diamond U.K. will not be affected at present, according to this statement.

“Dear Diamond UK Retailer, Earlier today, it was announced that USA-based, Diamond Comic Distributors, Inc, made an important and necessary move to strengthen its financial position and preserve the strongest parts of its business, and filed for Chapter 11 bankruptcy. What does this mean for you? As a wholly owned subsidiary of Diamond, we want to reassure you that Diamond UK is not in bankruptcy and will continue to operate business as usual throughout this process. Our top priority is to continue fulfilling orders and serving our customers without disruption.
Diamond UK is a profitable and stable business and will likely be sold as part of this process. In fact, Diamond has already received a signed Letter of Intent from Universal Distribution to purchase Diamond UK. We are confident that under new management, we will be well-positioned for future growth. We will be as transparent as possible throughout this process and will keep you informed of any significant developments. If you have any questions or concerns, please don’t hesitate to reach out to your rep. Thank you for your continued support.”