It owed about ,000 to the creditors who opposed the sale.The sale will preserve Family Christian’s business for now. And if they can adapt to the retail challenges ahead they may be successful,” Christian literary agent Steve Laube told CT in an email.
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“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.