Family Christian, the Largest Christian Bookstore Chain in the U.S., Files for Bankruptcy Protection
Family Christian Stores (FCS) has filed for Chapter 11 bankruptcy protection. Yet the ministry assured customers yesterday that it “does not expect” to close any of its more than 250 stores or lay off any of its approximately 4,000 employees.
“We strive to serve God in all that we do and trust His guidance in all our decisions, especially this very important one,” stated FCS president and CEO Chuck Bengochea. “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.” …
With 266 stores in 36 states, FCS is the nation’s largest chain of Christian stores as measured by locations, not sales…
Continue reading at CT Gleanings (news page).
The CT story also links to this FAQ page concerning the filing.
An article at Publishers Weekly itemizes the major creditors:
Publishers are on the hook for millions of dollars led by HarperCollins Christian Publishers which is owed $7.5 million. Other publishers owed large sums include Tyndale House ($1.7 million), B&H Publishing Group ($516,414), FaithWords [Hachette] ($537,374), and Barbour Publishing ($572,002). Ingram’s Spring Arbor distribution arm is owed $689,533.