Mail Order Comics has liabilities of $969,101 and assets of $43,790 and so it’s filed for bankruptcy in a federal American court. The company’s assets include 250,000 comics worth 10c and 1,500 graphic novels worth five bucks each.
The company had AdanceMe among its lenders; a last resort, high interest, option. Diamond Comic Distributors are also owned money; around $325,000.
The company saw sales drop about 7% between 2011 and 2012 and losses mounted. Combined with website challenges – a $50,000 fee included in the outstanding liabilities section – it looks like Mail Order Comics couldn’t get out of the cash crunch in order to capitalise on the growing market. It was trapped.
The good news is that Discount Comic Book Service has stepped in with an offer to fulfil preorders without asking for any more money from customers who had already prepaid at Mail Order.