The largest chain of Christian retail stores in America, Family Christian Stores (FCS), has bought itself from its private equity owners, reports Publisher's Weekly. (Full press release below.)
PW's Lynn Garrett reports that the new owners, FCS's management team plus three Atlanta-based investors, "pledge to contribute 100% of [FCS] profits to Christian ministries serving widows and orphans in the U.S. and abroad."
FCS will also kill the e-reader initiative it launched this summer.
CT previously reported tensions between FCS and the Evangelical Christian Publishers Association and editorialized on FCS's decision to sell on Sundays, among other coverage of Christian retail news.
CT also published a cover story on how to save the Christian bookstore (hint: stop making it so religious), noted how Christian publishers are searching for the next big thing, and reported how more and more churches are getting into the book business.
Here's the press release:
Family Christian Management Team Partners ...1