Creditors who stand to lose the most are voting overwhelmingly in favor of a bankruptcy sale that would keep the nation's largest chain of Christian book and gift stores operating, MLive reported yesterday. Voting by creditors on Family Christian Stores' chapter 11 sale is scheduled to conclude today and if creditors vote in favor of the plan, Family Christian's lawyers will ask Hon. John T. Gregg to approve it at a hearing on Tuesday. The plan before creditors would sell the company to Family Christian Acquisitions, a related entity that has offered to pay between $52.4 million and $55.7 million for the company's assets and inventory without assuming its debt. With 266 stores in 36 states, the Grand Rapids, Mich.-based chain filed for chapter 11 protection from creditors in February. With 3,100 full-time and part-time employees, the company claimed assets and inventory of nearly $75 million and debts of more than $127 million.
