Family Christian Stores Has Filed for Bankruptcy
It continues to not be a great month for companies and bankruptcy, as America’s largest Christian bookstore chain, Family Christian Stores, has filed for Chapter 11 bankruptcy protection. Blaming the rise of digital media and the recession as reasons for their financial struggles, FCS says it “does not expect” to close any of its stores or lay off any employees. There are currently 266 Family Christian Stores in the United States, employing some 4,000 people. As FCS president and CEO Chuck Bengochea says:
We strive to serve God in all that we do and trust His guidance in all our decisions, especially this very important one. We have carefully and prayerfully considered every option. This action allows us to stay in business and continue to serve our customers, our associates, our vendors and charities around the world.
You can read the full statement here …