Christian Book Store in Trouble
| From: | Greg S. |
| Sent on: | Friday, June 19, 2015, 1:33 PM |
A United States Bankruptcy Court has denied the sale of Family Christian Stores, the largest retail Christian chain in the country, to FCS Acquisition (a company founded by FCS owners to buy back the business). The ruling was detailed in a memorandum decision filed on Thursday in Grand Rapids, Mich.
Family Christian Stores, which has 266 locations in 36 states, filed for bankruptcy in February after several years of falling sales.
The denial of the sale motion was based on several factors: Hilco Merchant Resources, LLC, and Gordon Brothers Retail Partners LLC (Gordon/Hilco)--both liquidators--made bids on the chain, and both have standing to object to the sale. Additionally, the auction process during which FC Acquisition was named the “highest and best” bidder included several mistakes, though the court said it ultimately did not "find that the auction was unfair or fraudulent.”
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