Image by Morena Perez Vitale
Alliance Entertainment has won an auction to acquire Diamond Distributors in the latter's Chapter 11 bankruptcy proceedings.
Per Bleeding Cool, Alliance Entertainment Holding Corporation has been selected as the winning bidder in the ongoing Chapter 11 bankruptcy proceedings surrounding Diamon Distributors. Reportedly, Alliance Entertainment offered a substantially higher price than other bidders offered, although the winning bid is still subject to approval by the Bankruptcy Court.
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Diamond Distributors filed for Chapter 11 Bankruptcy back in January, with filings taking place in the United States Bankruptcy Court for the District of Maryland. The move came just a month after Diamond decided to close their Plattsburgh distribution center, which stood as a pillar of the company's distribution model. At the time of the announcement, it was reported that an affiliate of Universal Distribution for the Alliance Game Distributors (no relation to Alliance Entertainment) had offered a bid of $39 million for the company. The current bid by Alliance Entertainment, assuming it is approved by the court, will include Diamond Select Toys & Collectibles, Collectible Grading Authority, Alliance Game Distributors, and Diamond Comic Distributors.
Jeff Walker, CEO of Alliance Entertainment, discussed the move, explaining that it "Is a transformative opportunity to expand our leadership in the world of gaming and physical collectables and deepen our reach into thriving fan-driven categories. With their legacy of exclusive titles, deep retail relationships, and strong presence in comics, tabletop games, and collectable merchandise, these businesses are highly complementary to our existing distribution and fulfilment model. We see powerful cross-selling potential between our product lines and customer bases, expanding the reach of our expanded product portfolio across both mass retail and speciality channels."
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Bruce Ogilvie, Executive Chairman of Alliance Entertainment, also stated, "We're incredibly honoured to welcome the talented teams from Diamond Comic Distributors, Alliance Game Distributors, and Collectible Grading Authority to the Alliance Entertainment family." Ogilvie continued, "These are passionate professionals who have built deep relationships across the fandom, hobby, and collectables communities. We look forward to supporting them, learning from them, and investing in their success. To the suppliers, creators, and publishing partners that make this ecosystem so dynamic, we're excited to collaborate and build lasting value together. And to the customers who rely on these brands every day, we remain committed to delivering the excellent service and reliability you expect, and taking it even further."
Source: Bleeding Cool
English (US) · 