NEWS: Family Christian Stores File for Bankruptcy

By February 12, 2015News

FAMILY CHRISTIAN STORES RESTRUCTURING TO REINVEST IN STORES, IMPROVE THE CUSTOMER EXPERIENCE

Company’s plan keeps all stores open, prevents layoffs and strengthens the business

 GRAND RAPIDS, Mich. — February 11, 2015 –  Family Christian Stores plans to restructure and has filed for a sale of its assets and operations under Section 363 of Chapter 11 of the U.S. Bankruptcy Code.

Family Christian Stores does not expect to close any stores or lay off any employees.

“We strive to serve God in all that we do and trust His guidance in all our decisions, especially this very important one,” said Chuck Bengochea, who was named President and CEO of Family Christian Stores in July 2014. “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.”

Family Christian Stores was purchased in 2012 by three businessmen and donated to Family Christian Ministries, a not-for-profit 501c3. Family Christian Stores operates in support of Family Christian Ministries’ mission partners and has a long history of giving to ministries serving widows and orphans.

A newly formed subsidiary of Family Christian Ministries will serve as the lead bidder for the Section 363 sale process. It will acquire the streamlined organization’s assets and maintain operation of Family Christian Stores’ 266 stores in 36 states, as well as its e-commerce site www.familychristian.com.  Family Christian Stores is expecting to complete the sale process in about 60 days.

“Our customers will not see any change in operations during this process.  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,” said Bengochea.

Family Christian Ministries also owns two other companies – iDisciple, an online source for Christian inspiration, messages, sermons and music; and Giving Films, a movie production company developing Christian movies.  These two companies are not part of the restructuring and will continue to operate independently of Family Christian Stores.

About Family Christian Stores:
Grand Rapids, Michigan-based Family Christian Stores operates 266 stores in 36 states. Family Christian Stores offers a wide variety of faith-based resources, including Bibles, books, children’s products, gifts, music and more, with the aim of helping any person find, grow, share and celebrate their faith in Jesus Christ. Learn more at www.familychristian.com.

About Family Christian:
Located in the United States, Family Christian is the world’s largest Christian-focused retailer. The nonprofit organization has approximately 270 stores in 261 cities. The organization offers a variety of Christian-themed merchandise, including Bibles, home decor, art, gifts, DVD’s, kids products, books, and music. In addition to its physical stores Family Christian provides consumers with access to all these resources through www.familychristian.com, its eCommerce platform. All earnings are donated to Christian ministries serving families, orphans and widows in distress. Learn more at http://www.familychristian.com/news.

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Media Contact:Steve Biondo
steve.biondo@familychristian.com
616.554.7342