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Comic shop closes for good, files for Chapter 7 bankruptcy

Collectors and fans the nation over may be disappointed to learn that Mail Order Comics, known for its impressive back catalogue of Marvel comic titles, has closed its doors. South Carolina comic fans may be aware of the nearly decade-old company which has been distributing comics for many years from their combination store and warehouse. The company has filed for Chapter 7 bankruptcy, a process currently being overseen by a Bankruptcy Court close to the shop.

Bankruptcy papers indicate the company is listing roughly $45,000 in assets against approximately $910,000 in debts, a significant portion of which is owed to Diamond Comic Distributors. The troubles for Mail Order Comics seemed to begin not long after the company was bought in 2011. By late 2013, the company was receiving complaints for unfulfilled orders through several channels, including Facebook.

To make matters worse, a major Argentinian reseller of comics purchased from Mail Order apparently reduced and eventually ceased its orders altogether. This caused a serious deficit in the company's profit margin. Company executives believe a combination of the economy and the "discretionary spending" of their client base led to the lost profits.

While filing for Chapter 7 bankruptcy can be a significant decision in the life span of a company, as many South Carolina business owners can attest, it is sometimes the most fiscally responsible one that can be made under the circumstances. This filing will allow the business to liquidate its assets under the guidance of a court appointed trustee, with the cash accrued applied toward outstanding debts. This typically leads the way for the company's principals to reinvest in the market with a view toward future success.

Source: robot6.comicbookresources.com, Mail Order Comics files for bankruptcy, owing Diamond $325,000, Kevin Melrose, Feb. 3, 2014

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