Christian Retailer Hits Chapter 11 After Sales Slump
Law360, New York (February 12, 2015, 1:40 PM EST) -- Weighed down by a seven-year decline in sales and $98 million in debt, Georgia-based Christian merchandise retailer Family Christian LLC filed for Chapter 11 in a Michigan bankruptcy court on Thursday, vowing to avoid layoffs and weather the restructuring with the help of its nonprofit parent company.
Family Christian recently switched to a nonprofit model and has indicated that the charity that owns its holding company is the stalking horse bidder on a friendly deal to purchase the company. The retailer employs about 3,100 workers in 266 stores across 36 states and said in a statement released Thursday that its customers...
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