Clarification of Family Christian Stores Action
One time many years ago we flirted with the idea of closing our store, and as the word hit the street, the perception became the reality: We were closing. We’ve since learned to be very guarded about making statements, and until recently, we would get someone in every 4-6 months saying they thought we had closed. Eventually time proved us to still be in business.
So I worry about the widespread publicity being given Family Christian Stores move to Chapter 11 bankruptcy protection. It’s not the same thing as the type of bankruptcy that results in liquidation and closure, especially when a buyer is in place and you’re pledging not to close a single store or lose a single employee.
Steve Laube’s article goes into great detail on this. It’s been reprinted at Charisma and Christianity Today, and I thought of running it here, but it’s quite long. There is a link to the 150-page .pdf legal document and it’s interesting to see the various suppliers, shopping mall leases, health insurance plans, web domains, etc., that all need to be named. He compares what’s taking place to what happened with General Motors, not what happened with Borders.
To read the article, click this link.