A Michigan district court judge on Tuesday allowed motions to go forward for the use of cash and cash collateral in Family Christian Stores’ bankruptcy case, paving the way for a Section 363 sale of the company’s assets on June 8.

Attorneys for Family Christian Stores as well as attorneys for affiliates and various creditors were back in court this week. All parties, including Judge John T. Gregg, agreed to the June sale date.

Bids for the company will be taken through a traditional auction process, with a bid deadline of May 18. The winning bid will be announced on May 22.

Mibiz.com reported this week that three parties are interested in purchasing Family Christian’s assets. The website also reported that Family Christian Stores “will continue operating its 266 retail stores in 36 states as the normal proceedings go forward.”

Family Christian has reported that its sales fell by $75 million to $230 million from 2009 to 2014, and that sales were only expected to reach $216 million this year.

Vendors and lenders to the company stand to lose upward to $75 million in the Chapter 11 proceedings, according to mlive.com. Family Christian Stores originally filed for Chapter 11 on February 11.

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