FCS Withdraws Bankruptcy Notice

Posted by Together Magazine  ·  Be the first to comment

This article was published by Together Magazine

Having filed for Chapter 11 bankruptcy in February, Family Christian Stores (FCS), the USA’s largest chain of Christian retail stores, withdrew the application in March.

The application had caused uproar amongst many of FCS’s suppliers. A group of 27 Christian publishers filed a joint lawsuit against FCS to keep the retailer from selling their products at a future auction, demanding that the company either return consigned goods held at the chain’s 266 stores or pay them outright.

The list included such companies as InterVarsity Press, Baker, Charisma Media, David C. Cook, Abingdon Press, and others. Other publishers owed monies include HarperCollins ($7.5 million) and Tyndale House ($1.7 million) with Faithwords, Barbourt and B&H owed around $500,000 each.

FCS made the decision to sell approximately $20 million worth of consigned books, music, DVDs and church supplies at auction. Had they been allowed to sell the inventory, publishers would not have had the opportunity to recoup their money.

According to documents filed with a Michigan bankruptcy court in February, FCS owes $57 million to banks and another $40 milllion to publishers are vendors. FCS has approximately $107 million in liabilities. “Day-to-day operations at Family Christian Stores will continue as usual,” CEO Chuck Bengochea said in the statement.

3rd March

March 3rd, 2015 - Posted & Written by Together Magazine

Thumbs Down0
Thumbs Up0

Did you find this article useful?

0 Visitor Comments

Join in the Eden community and comment on this article

Leave A Comment

Leave your comments or suggestions in regards to this article.

Most Popular Articles
5 Things You May Not Know About Chris Tomlin
Posted on Thursday 20th of September
The Chronicles of Brother Series - Wendy Alec
Posted on Thursday 20th of September
The One Hour Bible - Review
Posted on Friday 14th of September
Moments: Mighty Sound by Bethel Music - Review
Posted on Thursday 13th of September
Alternate takes - Christian music for pop fans
Posted on Wednesday 12th of September
5 Things You May Not Know About Chris Tomlin
Posted on Thursday 20th of September
The Chronicles of Brother Series - Wendy Alec
Posted on Thursday 20th of September
The One Hour Bible - Review
Posted on Friday 14th of September
Moments: Mighty Sound by Bethel Music - Review
Posted on Thursday 13th of September
Alternate takes - Christian music for pop fans
Posted on Wednesday 12th of September
When is Good Friday 2018?
Posted on Wednesday 28th of February
When is Palm Sunday?
Posted on Thursday 1st of February
The Ultimate Guide To.... Classic Christian Books
Posted on Saturday 15th of April
What Are Eden Bundles?
Posted on Friday 11th of November

Updates from the live @Edencouk twitter feed!

Twitter Seperator
Don't forget to follow us @edencouk
Recent Article Comments
No Comments.

Nia Wright has made 0 posts.

34 useful comments

A Reader has made 2 posts.

28 useful comments

Les Ellison has made 50 posts.

10 useful comments

Lyn Myers has made 5 posts.

8 useful comments

Ian Matthews has made 8 posts.

8 useful comments

Last updated: 17796 days, 9 hrs, 18 mins ago