As expected, the revised, final and only viable reorganization plan for the bankrupt and ever-diminishing Family Christian Stores was approved by Bankruptcy Court Judge John Gregg. Per the proposal that was sent to creditors for their approval a month ago, FCS Acquisition is paying between $52.4 million and $55.7 million to acquire the chain, backed by Atlanta businessman Richard Jackson. CEO Chuck Bengochea says he expects they will close a modest 12 to 14 stores from across the 266-store chain. Bengochea credits divine intervention — “We have a sovereign God who has a plan for Family Christian” — rather than the good […]
