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Michigan-based retailer emerges from Chapter 11

Readers of this blog may be familiar with the story of Family Christian Stores, the Michigan-based retailer that sought protection under Chapter 11 of the bankruptcy code. The chain has recently emerged from the business reorganization process, and its management team has plans for it to resume growth.

As part of the business restructuring, the retailer was sold to another company last month in a deal worth at least $52.4 million. The owner of the purchasing company is the same person who was chairman of Family Christian when the chain filed for bankruptcy protection. Furthermore, the management team of the purchasing company consists of many of the same people who were in charge of Family Christian.

This detail should be of interest to business owners in Wayne County who may be reluctant to use the commercial bankruptcy process for fear of losing control of the company they have worked so hard to build. It is not at all the case that these business owners will necessarily be kicked to the curb if bankruptcy protection is sought. In this case, the owners of the company have mapped out a growth strategy that will hopefully keep the company in business and keep the retailer's specialty merchandise on the shelves.

It is common for business owners in need of a restructuring to face complex business bankruptcy issues. Feelings of confusion should be expected; after all, nobody who has spent a considerable amount of time building a business is going to necessarily know the ins and outs of bankruptcy law. This is where a business bankruptcy law firm can come in and put their accumulated knowledge to work for Michigan business owners.

Source: MiBiz, "Family Christian's Next Chapter: Niche retailer emerges from bankruptcy with plan for modest growth and profitability," Nick Manes, Aug. 30, 2015

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