About 
Marvel Insider was launched as a customer rewards program in 2016, but that's all going away now, as Marvel is scrapping it next week.
Posted in: Comics, Current News | Tagged: bankruptcy, diamond
Now Diamond Comics Makes Financial Demands Of Comic Book Stores
Now Diamond Comic Distributors makes financial demands of comic book stores, in wake of Chapter 11 bankruptcy
Article Summary
- Diamond Comic Distributors seeks payments from comic stores amid bankruptcy proceedings.
- $22 million in debts owed to Diamond, with $11 million overdue and $6 million seen as irrecoverable.
- Retailers report surprise demands for payments on invoices they can't verify.
- Long-time flexibility ends as Diamond seeks to recover debts from struggling comic stores.
As part of Diamond Comic Distributors' filings for Chapter 11 bankruptcy, as well as all the money they owe people, they also list $22 million in debts from people who owe them, a million dollars of which is labelled as from doubtful or uncollectible accounts. And they also list $11 million in debts over 90 days old, $6 million of which is seen unrecoverable. One might note that if they could recover that entire amount, $33 million, it could go a long way to coming out of bankruptcy.
Not that they aren't trying. Bleeding Cool is aware of a number of comic book stores that have suddenly received surprise demands for payments of unpaid invoices dating back last year. However, when retailers go and look, they can find no such invoices. With thousands of dollars being asked each time, there may be a little separation going on.
No wonder no one from Diamond was at the retailer event ComicsPRO in Glendale, California, this past weekend. It was probably not the best place for anyone from Diamond to be confronted with one or two hundred comic book store managers who had just had such a demand.
But it does bring to mind San Franciscan retailer Brian Hibbs' observation that "Diamond and Steve Geppi specifically have acted as the "bank" of the Direct Market, saving and protecting the great mass of retailers again and again and again." What that means is that Diamond has allowed comic book retailers to run up debts while they organise and reorganise themselves, without calling in those debts until the store is able to pay them. As a result, it has been on the hook many times when a comic book store has gone bankrupt. It seems that those days are over, and Diamond Comic Distributors would like their money, please. Even if they are not entirely sure who owes what to whom right now…
Bleeding Cool is continuing to cover the Diamond bankruptcy situation with greater depth than any other website, but we are always reliant on sources across the industry. If you have any further insights to share, please email richjohnston@gmail.com.
Enjoyed this? Please share on social media!
Stay up-to-date and support the site by following Bleeding Cool on Google News today!
