Family Christian Stores to close all 240 storesStaff Writer | February 24, 2017
Family Christian Stores will close all of its 240 stores because of declining sales in the wake of a bankruptcy two years.
Retail After two years of declining sales
No details of the plans to close the stores were included in th announcement.
Family Christian CEO Chuck Bengochea said the decision to close came after two years of declining sales after the company went through a bankruptcy court-supervised reorganization two years ago.
Family Christian shed about $127 million worth of debt to its suppliers, creditors and consignment vendors and was sold for about $55 million to a group that pledged to continue to operate the chain as a non-profit.
"Despite improvements in product assortment and the store experience, sales continued to decline.
"In addition, we were not able to get the pricing and terms we needed from our vendors to successfully compete in the market," Bengochea said in the news release. ■