Headlines

Family Christian Stores Stay Open

Converted to non-profit company in bankruptcy acquisition

Published

9 years ago

August 12, 2015

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.

MasterClass: ‘Re-Sparkling’ Retail: Using Store Design to Build Trust, Faith and Brand Loyalty

HOW CAN WE EMPOWER and inspire senior leaders to see design as an investment for future retail growth? This session, led by retail design expert Ian Johnston from Quinine Design, explores how physical stores remain unmatched in the ability to build trust, faith, and loyalty with your customers, ultimately driving shareholder value.

Presented by:
Ian Johnston
Founder and Creative Director, Quinine Design