In a statement released tonight, Diamond Comic Distributors parent Geppi Family Enterprises CEO Steve Geppi described the negotiations that ended with DC’s announcement today that they were terminating their relationship with Diamond (see “DC Cutting Off Diamond”). “In April, we were informed that DC was going to begin distributing products through additional partners,” Geppi wrote. “At that time, they asked us to submit a proposal for a revised agreement with the understanding that Diamond would continue to be one of their distributors. Which we promptly did. They then requested an extension to June 30 which we also accommodated. Last week, DC requested an additional extension through July. We responded with questions and DC indicated they would reply today, June 5. Instead of receiving a response, today we received a termination notice.”

Geppi also described Diamond’s response to the notice. “While we had anticipated this as a possible outcome, we, like so many others in the industry, are disappointed by their decision to end our partnership so abruptly at this time,” he wrote. “Although we had hoped to reach an agreement with DC, every great change also presents great opportunity! Rest assured, Diamond is a strong company and our success does not depend on the actions of one business partner. While we recognize this change impacts the industry, we are well-positioned to seize growth opportunities and are committed to the success of our publishing partners, the Direct Market and our industry as a whole.”