Posted in: Comics, Current News | Tagged: Ad Populum, diamond

Diamond Book Distributors Confirms Those Laid Off And Those Not

Diamond Book Distributors confirms those laid off and those not, as more firing news hits comics industry hard

It was only three weeks ago that Emily Botica, Vice President, Publisher Relations & Marketing at Diamond Comics, was declaring that everything was "business as usual" with new "partners", Ad Populum and Universal Distributors, buying Diamond as part of the Chapter 11 bankruptcy proceedings playing out since the beginning of the year. Two weeks ago, Lance Woods, Retailer Marketing Editor, posted on LinkedIn, "We're still alive, and I'm still employed. But if I hear the words 'business as usual' again, my business is gonna hurl all over my keyboard." Ashley Giebel, Diamond Credit Analyst, added, "Same! I honestly don't want to hear that phrase for the next 10 years."

Earlier today, Bleeding Cool reported on a number of layoffs, made at Diamond simultaneously with the press release about the official purchase. Now Emily Botica has sent out a new press release. confirming a number of those, but also who will be staying at the company. That's in the Diamond Book Distributors department at least, there will be many others across the company. She writes, "I wanted to let you know that, as part of our transition to the new company, several positions from our team will not be carried over. This includes Terry, Rich, and Stuart. While this change impacts people we know, love, and have worked with for many years, please know that we are here to support you. Tom, Ashley, and I are still here. Please direct all emails to the three of us."

That would confirm layoffs Diamond Book Distributors employees, Stuart Carter, Sales Manager,  Terry Helman, Associate Director of Online Sales and Rich Johnson, Vice President Sales and Business Development. And that Emily Botica, Ashley Kronsberg, Marketing Manager and Thomas Sadowski, Associate Director of Customer & Client Services will be staying.

There are more, of course, many more, across the company. Steve Leaf, Assistant Manager at Diamond Comics has also now posted "After 30+ years at Diamond Comic Distributors, I am seeking a new role and would appreciate your support. If you hear of any opportunities or just want to catch up, please send me a message or comment below. I'd love to reconnect."

You can use these Diamond, Ad Populum 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 breakfasts 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.
• And the layoffs have begun.

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