GDA Staff - Gifts & Decorative Accessories | February 13, 2015 |
GRAND RAPIDS, MI – Family Christian Stores (FCS) has filed for a sale of its assets and operations under Section 363 of Chapter 11 of the U.S. Bankruptcy Code. In a statement, the company said that it was in the process of restructuring the FCS stores throughout the country to better meet the needs of its vendors and customers.
Under the filing, the company has stated that it does not expect to close any stores or lay off employees. A newly formed subsidiary of Family Christian Ministries will serve as the lead bidder for the Section 363 sale process, according to the company. 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.
Family Christian Stores is expecting to complete the sale process in about 60 days.
Family Christian is the world's largest Christian-focused retailer with approximately 270 stores in 261 cities. The company offers a variety of Christian-themed merchandise, including Bibles, home decor, art, gifts, DVD’s, kids products, books, and music. All earnings are donated to Christian ministries serving families, orphans and widows in distress.
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.
Family Christian Ministries also owns two other companies, including iDisciple, an online source for Christian inspiration, messages, sermons and music; and Giving Films, a movie production company developing Christian movies. Both companies are not part of the restructuring and will continue to operate independently of Family Christian Stores.
“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, president and CEO, Family Christian Stores, who took the helm at FCS 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.”
He added, “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.”