One of the world's largest comic book distributors is bankrupt, and it has this St. John's publisher reeling
Black Panel Press publisher Andrew Benteau says he’s owed $28K
Despite a record year for one St. John's comic book publisher, its owner says the company's future is in peril after the world's largest English comic book distributor declared bankruptcy.
Andrew Benteau specializes in European comic books. He buys the rights to foreign-language comics, translates them and prints them in English. The books are then distributed by Diamond Comic Distributors to retail locations.
In January, Diamond filed for bankruptcy, disclosing that it was looking for a new buyer.
The bankruptcy is having a devastating impact on Benteau's business, and he says he's owed approximately $28,000.
"It was the best year in Black Panel Press's history, and certainly the best quarter," Benteau told CBC News.
"With that amount of money missing we're not able to print any new books. We're not able to pay any royalties. So the existence of the company is at risk at this point."
He said that missing money was supposed to go toward paying author royalties and covering Black Panel Press's operating costs, as well as meeting its obligations for printing books he's already signed on to.
"It really puts the future of Black Panel Press in question," said Benteau.
Diamond gets his books into retail stores, which can be large chains like Barnes and Noble as well as independent stores, libraries and comic book shops.
While Benteau waits to see if Diamond can be resurrected, possibly through a new owner, he is looking at direct-to-consumer offerings, book launches through Kickstarter campaigns, and selling through his website, as well as a GoFundMe drive to raise necessary funds to keep the business going in the short term.
"Hopefully, if all this business works out with Diamond over the next few months, then we might be able to continue with them under new ownership," he said.
"If not, I am talking with other new distributors that are interested in Black Panel Press."
CBC News has asked Diamond for comment.
Ripple effect
David Stephens, a sales representative for comic book and collectibles shop Timemasters, said small presses are the ones hurt the most by Diamond shuttering because they can't get into stores like they used to.
He said this loss on comic book shelves will also hurt readers.
"They're losing out on a vast variety of things, like finding that great comic that they might love or that artist they may not be exposed to," said Stephens.
He said everyone knows titles like Superman and Batman, but Black Panel Press brings in European comics that aren't widely known in North American markets.
Stephens added Diamond worked well for smaller publishers because it had a submission program they could apply to and their books were also featured in its monthly preview magazine of upcoming titles.
He's hearing that other small publishers are already having trouble signing up with other distributors because the small volume of books they print aren't financially viable for those companies to take on.
"So that kind of just cuts them off from the market completely," said Stephens.
Looking to future
Despite the current problem Benteau is faced with, he said he's still planning for Black Panel Press' future and has new books scheduled to be released in the coming months.
WATCH | Black Panel Press just had its best year yet. So why is its future in question?
Based on last year's success, Benteau had been planning to publish more titles, going from from four or five titles a year to 10 to 12 per year, as well as reaching into newer markets like Brazil.
"I want to have books available from countries all over the world, by creators from countries from all over the world," said Benteau.
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