Family Christian Retailer Files for Bankruptcy; 'We Strive to Serve God in All That We Do and Trust His Guidance in All Our Decisions,' Says CEO
Family Christian, the nation's largest Christian bookstore that specializes in selling Bibles, books, music and church supplies, has filed for bankruptcy.
The retailer is based out of Grand Rapids, Michigan, and has over 266 stores across 36 states. The store has now filed for a bankruptcy protection plan to sell all of its assets.
"We strive to serve God in all that we do and trust His guidance in all our decisions, especially this very important one," said FCS president and CEO Chuck Bengochea in an announcement. "We have carefully and prayerfully considered every option. This action allows us to stay in business and continue to serve our customers, our associates, our vendors and charities around the world."
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The company, a nonprofit, has listed assets and debt of less than $100 million in Chapter 11 documents filed Wednesday in U.S. Bankruptcy Court in Grand Rapids. The company had gross sales of $216 million in 2014.
Bengochea also claims that the company's locations will operate business as usual during the process.
"Our customers will not see any change in operations during this process," said Bengochea. "After the court approves the sale, we can begin to reinvest in our stores and bring our customers products and services that will help us better fulfill our mission, to glorify God by helping people find, grow, share and celebrate their faith in Christ."
Family Christian will continue to operate its "brick and mortar" locations despite the changes made in the market. The company revealed that its new management team vows to maintain its physical presence instead of switching to a solely online sales model.
The company will also begin a restructuring plan that's expected to be completed after two months.
For more information on Family Christian read the full announcement here.
