Comics distributor Diamond is restructuring and opting for bankruptcy in order to staunch the financial bleeding.

Diamond Comic Distributors announced on Tuesday that it has declared Chapter 11 bankruptcy. The company filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court in the District of Maryland.

Diamond Comic Distributors (“Diamond” or “the Company”), today announced that it has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Maryland to facilitate the restructuring of its business.