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PSA: Frankie's Comics has Filed For Bankruptcy
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40 posts in this topic

Claiming almost $1M in debt with no assets to pay any of those creditors. Among creditors are the IRS, NC Department of Revenue, Distributors, and artist Ivan Tao. 

Pre-order books from Frankies at your own risk at this point. 

https://forum.comicsheatingup.net/t/we-all-hate-store-variants-but/2561/3428?u=drunkwooky

 

 

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Edited by DrunkWooky
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Considering how much they owe the main distributors in the US, I don't see many new books coming their way anytime soon. Glad (but still upset that any are there) that only one creator seems to be listed (unlike Aftershock who owed $ to a LOT of creators). Looks like they also owe $ to a few loan companies and payment processing companies. 

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Well you beat me to it. This is the 3rd online retailer/publisher I have seen have major issues this year and either end online order or file or bankruptcy protection. 

Be very aware of who you are ordering your comics from going forward this year. Covid money is over and it would not shock me to see several online retailers go under this year. Some just popped up over night and have been flying by the seat of their pants for awhile. Dont get caught holding the bag. If you play nice you will not get your comics or your money. 

 

 

 

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Edited by fastballspecial
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On 12/30/2022 at 3:10 PM, danberry75 said:

Considering how much they owe the main distributors in the US, I don't see many new books coming their way anytime soon. Glad (but still upset that any are there) that only one creator seems to be listed (unlike Aftershock who owed $ to a LOT of creators). Looks like they also owe $ to a few loan companies and payment processing companies. 

Aftershock is done too?? I feel out of the loop...

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That is a pretty scary bankruptcy creditor list. Leaving aside the distributors, look at all those financing firms that kept shoveling money at them. How did they keep getting money if they didn't have assets to leverage against it? Good lord.

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On 12/30/2022 at 1:11 PM, DrunkWooky said:

Claiming almost $1M in debt with no assets to pay any of those creditors. Among creditors are the IRS, NC Department of Revenue, Distributors, and artist Ivan Tao. 

Pre-order books from Frankies at your own risk at this point. 

https://forum.comicsheatingup.net/t/we-all-hate-store-variants-but/2561/3428?u=drunkwooky

 

 

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That is one fugly list of creditors. Wonder if PPP and SBA loans were also taken?  Smells horrible but alas state AGs are apparently too busy to follow the money. One thing for certain is it’s time to sell any stock you might have in the Fin Tec firms that lent the money. 

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On 12/30/2022 at 3:14 PM, fastballspecial said:

Well you beat me to it. This is the 3rd online retailer/publisher I have seen have major issues this year and either end online order or file or bankruptcy protection. 

Be very aware of who you are ordering your comics from going forward this year. Covid money is over and it would not shock me to see several online retailers go under this year. Some just popped up over night and have been flying by the seat of their pants for awhile. Dont get caught holding the bag. If you play nice you will not get your comics or your money. 

 

 

 

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I wonder how much the pandemic affected these online variant driven sellers - I always assumed the hit LCS’ took but never thought of this affecting online only sellers to the same degree. 

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On 12/31/2022 at 7:32 PM, JoeBrrr said:

I wonder how much the pandemic affected these online variant driven sellers - I always assumed the hit LCS’ took but never thought of this affecting online only sellers to the same degree. 

That's the answer. When sales are great a business plan is not needed. I know sales have plummeted for many online retailers. Bright side of this is its good new for the LCS's in general. It will send customers back their way to some extent.

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On 12/31/2022 at 9:49 PM, fastballspecial said:

That's the answer. When sales are great a business plan is not needed. I know sales have plummeted for many online retailers. Bright side of this is its good new for the LCS's in general. It will send customers back their way to some extent.

While the state of the market will obviously affect sellers in some way, I don't think the market is the major issue for Frankie's Comics.

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On 12/31/2022 at 10:24 PM, Lazyboy said:
On 12/31/2022 at 9:49 PM, fastballspecial said:

That's the answer. When sales are great a business plan is not needed. I know sales have plummeted for many online retailers. Bright side of this is its good new for the LCS's in general. It will send customers back their way to some extent.

While the state of the market will obviously affect sellers in some way, I don't think the market is the major issue for Frankie's Comics.

Yeah that is partially correct. There were other factors, but the note clearly states sales have not been good for 18 months I think.

 

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On 12/31/2022 at 12:49 PM, Tnexus said:

As a huge peddler of exclusives, I wonder if this is a sign of the times that they aren't much of a money maker anymore.

I would think that one would be obvious going forward. One nice aspect might be that artist might have to go back to 
doing a comic book. Although I doubt it. I know if I order any I will be looking very closely at the place I order from and 
my orders will go way down this year on that aspect.

Its the start of market correction in some areas. We have saturation in the market in some areas due to covid money.
This is the beginning of the results of it I think. Raw will be king again this year. 

 

Edited by fastballspecial
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