Psalm 107:6 Then they cried to the Lord in their trouble, and he delivered them from their distress.
The nation’s largest Christian-focused retailer will likely stay open if a bid at a private auction for their assets is approved in bankruptcy court.
FC Acquisition, controlled by an Atlanta businessman who also controls the non-profit company that owns Family Christian Stores, submitted the highest bid and will pay up to $43.6 million dollars for the company’s assets.
Other bidders had planned to liquidate the company and close the stores.
The second-highest bidder plans to challenge the FC Acquisitions bid, claiming their bid was at least $15 million higher than the FC bid.
Richard Jackson, operator of FC Acquisition, explained to the Christian Post in March why he was taking this step.
“We are gonna lose millions of dollars ourselves, all we did was loan money to the parent and its out,” said Jackson to CP. “It’s gone, and we don’t get interest. So we can either quit, [file a] Chapter 7, which means all stores go out of business immediately, or [do] a reorganization called a 363 sell, which is where Family Christian Ministries forms a new entity to buy assets and it cleans out any other debts and so forth, positioning to be successful going forth.”
Family Christian Stores filed for bankruptcy in February.
