Report: Christian bookstore to close all 200-plus locations

Family Christian is going out of business.



The company said Thursday, Feb. 23 that it plans to close all 240 stores across 36 states, according to Reuters.



Family Christian filed for Chapter 11 bankruptcy in February 2015 with more than $120 million in debt. Since then, the chain continued to face a sales slump amid growing competition from online stores.



In the report, Chuck Bengochea, the company's president, said in a statement, “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.”



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