Early this year, Diamond Select Toys filed for Chapter 11 bankruptcy. Diamond Select Toys is known for its collectible statues and action figures from major franchises like Marvel, Star Wars, and more. Things were looking good for Diamond Select Toys (DST) when Alliance Entertainment was approved to acquire Diamond Comic Distributors and DST. But due to undisclosed reasons, Alliance Entertainment backed out. Once this happened, Ad Populum was approved by the bankruptcy court to take over Diamond’s assets, including DST. So, all good, right? Well, not so fast. It is now being reported that DST has been shut down, and all DST’s staff were laid off as part of the new owner’s immediate restructuring measures.

Is Diamond Select Toys Finished

So, is DST done? Well, that is one question we all want the answer to. According to an article from Bleedingcool.com DST has shut down (for now), and the DST staff was laid off. This was reported after former Diamond Comics employee Mark Herr took to social media after the news of the layoffs began. Here is what Herr had to say.

“So, yesterday, new owners took ownership of the company I spent many years helping build it into the giant it became.  And yesterday, the restructuring began. They aren’t putting out press releases or anything of that nature as to who was let go.  So, it’s industry websites, social media, and direct questions to those I can ask.  Now, as a reminder, while I worked there for 29 years, I have been gone for 16 years.  So, there are plenty of “big names” at the company that I didn’t even know.”

Diamond Select Toys

“I do know the subsidiary Diamond Select Toys was shut down yesterday and all staff let go.  At least three of them are guys I know very well, all having worked there for over twenty years. I have heard that Steve Leaf was among the people let go in Purchasing. Steve would be the last surviving Purchasing member that I brought into the department.  So, that’s especially hard for me.  (Outside of him being a really nice and very knowledgeable guy.)”

Also, on top is this statement, there have also been posts from DST employees stating that they have been let go on many social media platforms. One of these posts came from a good friend of mine.

So what is next?

So, what is next? Well, we honestly don’t know. As of now, the diamondselecttoys.com and gentlegiantltd.com pages are both still working. But does that mean products and pre-orders will still be honored? Also, will local comic shops get the product that they have already pre-ordered? There are so many questions right now with so few answers. Hopefully, Ad Populum will provide the necessary resources and strategic direction to stabilize and potentially revitalize DST’s business to save the jobs of what few employees that currently remain at DST.

WE WANT TO HEAR FROM YOU

What are your thoughts on this news about Diamond Select Toys? Do you have any outstanding pre-orders right now? Also, do you think Ad Populum will be able to turn things around? That Hashtag Show wants to hear from you!

You can share your thoughts by commenting on our That Hashtag Show Facebook page. You can also discuss this and other collectibles by contacting me on social media at NerdyVet574. Also, stay updated on all the pop culture news by following us at ThatHashtagShow.com.

Source: bleedingcool.com