News
  • Creditors approve plan to keep Family Christian Stores open

    August 20 2015 by Lynde Langdon, World News Service | with 0 comments
    Creditors approve plan to keep Family Christian Stores open

    Creditors for the bankrupt Family Christian Stores voted to allow the chain to reorganize and remain open, according to court documents filed Aug. 10. FCS entered Chapter 11 bankruptcy earlier this year with more than $100 million in debt. After several failed attempts to get court-approval for a quick buyout ...

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  • Family Christian accepts buy-out bid from existing investors

    June 1 2015 by Lynde Langdon, WORLD News Service | with 0 comments
    Family Christian accepts buy-out bid from existing investors

    The bankrupt Family Christian Stores has auctioned its assets to the highest bidder, which is owned by the same company that owns FCS and promises to keep its stores open. In court documents filed Wednesday, the company disclosed that FC Acquisitions agreed to pay about $42 million for the failing bookstore chain.

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  • Family Christian Stores drops bankruptcy plan

    March 20 2015 by Lynde Langdon, World News Service | with 0 comments
    Family Christian Stores drops bankruptcy plan

    Family Christian Stores (FCS) has withdrawn a bankruptcy plan criticized by debtors for ties between the seller and buyer that were too close for comfort. FCS President and CEO Chuck Bengochea told Christianity Today, “The stewards of the ministry have done this out of love for the mission of [FCS].

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  • Publishers sue Family Christian Stores over bankruptcy plan

    March 17 2015 by Lynde Langdon, World News Service | with 0 comments
    Publishers sue Family Christian Stores over bankruptcy plan

    A group of Christian publishers that stands to lose $20 million is fighting back against part of Family Christian Stores’ bankruptcy plan. Twenty-seven companies filed a joint lawsuit in federal bankruptcy court Friday to protect products Family Christian Stores has on its shelves but hasn’t yet paid for.

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  • Family Christian Stores seeks bankruptcy protection

    February 20 2015 by Adelle M. Banks, Religion News Service | with 0 comments
    Family Christian Stores seeks bankruptcy protection

    Family Christian Stores, the largest Christian retail chain, filed for bankruptcy, seeking to restructure so it can keep its more than 260 stores open. Chuck Bengochea, president and CEO, said the company “took on too much debt” due to declining sales and was hit by the 2008-09 recession and the digital revolution ...

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  • Bank robbery leads to answered prayer

    August 7 2014 by Jonathan Guenther, Baptist Press | with 0 comments
    Bank robbery leads to answered prayer

    One pastor learned the answer to prayer sometimes comes in the least likely of ways – even a bank robbery. This unexpected answer to prayer came while Calvary Baptist Church in Southgate, Mich., was trying to sell its building to move to a larger location. The facility had been on the market for more than four years.

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  • Banks open for business with marijuana dealers

    February 18 2014 by Erin Roach, Baptist Press | with 0 comments
    Banks open for business with marijuana dealers

    Because marijuana remains a Schedule 1 drug, current federal law prohibits banks from conducting business with marijuana sellers. But the Obama administration could pressure Congress to change the federal law, which could set new guidelines for banks and their business with these sellers.

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