I have to admit, the following news took me completely by surprise. Nonetheless, Fantagraphics Books — the foremost publishers of comics-as-literature in the United States (and, in full disclosure, my employers) — has roughly a month to raise $80,000 or face a possible bankruptcy. Here's the letter from publishers Gary Groth and Kim Thompson in full:

To Comics Lovers Throughout the World:

Fantagraphics Books has just celebrated its 27th year publishing many of the finest cartoonists from all over the world as well as our flagship publication, the magazine people love to hate, The Comics Journal. We are proud of our long-term commitment to comics as an art form and our dogged determination to push excellence down everybody's throats. This is all very well and good but it doesn't mean much in the face of brute economics - and it's the wall of brute economics that we've just hit, hard.

Due to two major financial obstacles over the last two years, we're hard against it.

Our former and now bankrupt book trade distributor went out of business owing us over $70,000 — which we will never see. (To add insult to injury, we learned that the owner is selling copies of our books that he should've returned on e-bay!) This unexpected shortfall necessitated taking out a couple loans which have now come due. In late 2001, our line was picked up by the W.W. NORTON COMPANY, who took over our bookstore distribution, and has done a magnificent job of providing us unprecedented access to the bookstore market. Inexperience with the book trade resulted in our erring on the side of overprinting our books too heavily throughout 2002, so that our anticipated profit is in fact sitting in our warehouse in the form of books. Loans must be paid in cash, not books. The only way to get out of this hole we've dug ourselves into is to sell those books. Which is where, we hope, you come in.

Over the last few weeks, we've worked to fix our in-house problems (which included, most painfully, laying off several fine and long-term employees). We have put in place a system of checks and balances by which we will watch our inventory growth scrupulously. But, we have a debt to pay down and wolves at the door. It's so severe that this month we envisaged shutting down our active publishing, seeking outside investors, or similarly odious measures. (Fantagraphics continues to be owned 100% by Messrs. Gary Groth and Kim Thompson. We'd like it to remain that way.)

If you've respected what Fantagraphics stands for and what we've done for the medium, if you've enjoyed our books, and if you want to insure that this proud tradition continues into this new and ominous century, we're asking you to help us now in our especial hour of need by buying some books. Put simply, we need to raise about $80,000 above our usual sales over the next month, and the only way to do that is to convert books into cash.

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