Family Christian Stores Stay Open

Family Christian Stores (Grand Rapids, Mich.) was approved for a Chapter 11 bankruptcy sale yesterday to Family Christian Acquisitions. The company will be sold debt-free to Family Christian Acquisitions, at a cost of between $52.4 million and $55.7 million.

Both companies are owned by Richard Jackson. Jackson converted the retailer to a non-profit company, which will donate all its profits to Christian charities.

The chain, which operates 266 stores and employees 3100 workers, filed for the protection six months ago with debts totaling more than $127 million. It plans to close between 12 to 14 of the chain’s stores in the upcoming months, reports MLive.