Diamond Comic Distributors, Inc. was the dominant global distributor of comic books, graphic novels, toys, and pop culture merchandise, founded in 1982 by Stephen A. Geppi and serving over 4,000 mass market retailers and 2,500 comic specialty stores from five warehouses totaling one million square feet. The Hunt Valley, Maryland-based company employed approximately 487 workers at filing. Diamond filed for Chapter 11 protection on January 14, 2025 in Maryland (Case No. 25-10308) before Judge David E. Rice after losing its exclusive distribution agreements with DC Comics (2020), Marvel (2021, formerly 62% of sales), IDW (2021), Image Comics (2023), and Dark Horse (2023) to competitors including Penguin Random House Publisher Services and Lunar Distribution, while operating expenses rose from 5.44% to 8.73% of sales. At filing, Diamond carried $32.6 million in funded debt to JPMorgan Chase under a revolving credit facility, plus approximately $40 million in trade debt. The Debtors obtained a $41 million DIP revolving facility from JPMorgan Chase at SOFR + 4.50%. Alliance Entertainment won the auction at $85.4 million but terminated the APA, resulting in $28.4 million in value destruction. Assets were ultimately sold to Universal Distribution and Sparkle Pop (Ad Populum) for approximately $57 million combined, with Diamond UK shares sold separately for $2.1 million. After JPMorgan refused further funding past the November 14, 2025 DIP maturity, the case was converted to Chapter 7 on December 19, 2025.
