As part of the restructuring, Diamond has received a $39 million “stalking horse” bid from an affiliate of Universal Distribution for its Alliance Game Distributors.

Diamond, the comics distributor that came to dominate the direct-sales business between publishers and retailers, is entering Chapter 11 bankruptcy. Locus reports that it secured a $41m loan to keep it running while it sells itself off for parts.

Diamond Comic Distributors declares bankruptcy, states that Diamond UK and Alliance Games may be bought by Canadian distributor Universal.

Update: Diamond's two largest unsecured creditors are Penguin Random House (a publishing company and distributor for other publishers, including manga ones such as Dark Horse) and Bandai. Diamond owes these two companies US$9,202,181 and US$4,348,743, respectively.

Amid massive delays and closures, Diamond Comic Distributors has filed for bankruptcy, signaling a major shift in the world of physical comic books.

Although it's not entirely surprising for Diamond to make such a decision given what's publicly known about both the company and comics industry in a post-pandemic world, the news still came as a shock to most — from employees of the company to publishers,