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It owed about ,000 to the creditors who opposed the sale.
“It was a contributing factor in our need to seek court protection,” Gospel Light CEO Dave Thornton told CT.
“We had to write off $143,000 in expected income, and we’re a smaller, family-owned Christian publishing company that didn’t have deep enough pockets to sustain that, combined with other unexpected losses this spring.” Gospel Light expects to be sold to a party that will continue the Christian education business, Thornton said. Taylor, president of Tyndale House Publishers, said Family Christian will pay creditors for products they shipped to the bookstore chain in the three weeks before the retailer filed for bankruptcy.
“That still means large write-offs for all publishers and other suppliers, but getting something is better than nothing,” he told CT in a statement.
The nation’s largest Christian retail chain will remain open after a bankruptcy judge approved the sale of the troubled company today.
After six months of wrangling in bankruptcy court, Grand Rapids-based Family Christian Stores will be sold debt-free to FCS Acquisitions for between $52.4 and $55.7 million, according to MLive.
The move will cost creditors millions of dollars but will keep more than 200 bookstores open as venues for publishers and vendors to sell products in the future.The plan was approved by Judge John Gregg Tuesday morning."We have a sovereign God who has a plan for Family Christian," said CEO Chuck Bengochea, adding that the chain will probably close a dozen stores in the next few months.“We have been through dark days and now we can celebrate.” Family Christian—which will be renamed FCO, LLC—was able to shed more than 7 million in debt.On Friday, Family Christian Stores’ creditors, many of them Christian publishers and vendors, voted 162 to 7 in favor of the sale.According to court records, Family Christian owed about 8 million to the creditors who approved of the sale.Tags: Adult Dating, affair dating, sex dating