Diamond Comic Distributors’ bankruptcy filing last week could mean layoffs and the closure of its Hunt Valley headquarters if it doesn’t find a buyer by April 1.

If its sale efforts don’t succeed, Diamond would cease operations, close its main office and lay off as many as 168 employees, the company said this week in a federally mandated notification to the Maryland Department of Labor.

For decades starting in the mid-1990s, Diamond was a de facto comic book distributing monopoly. But after it briefly suspended operations during the 2020 pandemic, other competitors sprouted up, cutting into Diamond’s market share. The company has recently struggled with delays in getting titles to comic stores on time.

Diamond filed for Chapter 11 reorganization bankruptcy Jan. 14, stating at the time that it would potentially sell pieces of its business — including Alliance Game Distributors, a lucrative board and card game distributor — to Universal Distributors, a Canadian competitor.

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“Diamond Comic Distributors is actively attempting to secure a buyer for its business operations other than its Alliance division,” Diamond told Hunt Valley employees in the federally mandated notice, according to a Diamond spokesperson. “Although we are hopeful to locate a buyer, if our efforts are unsuccessful, Diamond will unfortunately have to cease operations. While we continue to pursue a buyer, the Diamond business will continue as usual.”

Diamond grew into a powerhouse from humble beginnings after Steve Geppi, a Baltimore mailman in his 20s, opened a small comic store in 1974. For years, Diamond was the industry’s essential conduit; almost every comic book on store shelves had been delivered via Diamond.

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Over the past five years, Diamond’s control has declined, but some store owners still say it provides an essential service. Although comic book publishers like DC Comics and Marvel moved onto other distributors in recent years, one smaller publisher said this week it is not sure if it can survive without Diamond.