The sale of Family Christian Stores to FCS Acquisition was approved by a federal bankruptcy judge Tuesday. The ruling follows Monday’s affirmative vote by Family Christian’s creditors to allow the sale, according to court documents.

With this decision, the nation's largest Christian retail chain will begin the transition to new ownership under Richard Jackson, who controls FCS Acquisition. Chuck Bengochea remains the CEO of Family Christian.

Judge John Gregg originally denied the sale after allegations of insider dealings plagued its original auction. Following some negotiation, Family Christian Stores received approval to let creditors vote on the validity of the chain's sale to FCS Acquisition.

The creditors had good reason to approve the sale. Court documents said that the creditors found FCS Acquisition “acted in good faith” during the auction and did not exploit its insider status. Creditors have favored the sale for months because they believe that Family Christian’s continued presence as a distributor presents greater potential revenue streams than liquidation does.

Todd Almassian, an attorney for Family Christian Stores, told MLive.com that he was pleased with the result.

"Today, Family Christian is reborn," said Almassian. "We're here because of the leadership of Chuck Bengochea, the commitment of Richard Jackson and the sacrifice and loyalty of the creditors."

MLive.com reported that Family Christian Stores will be sold debt-free for between $52.4 million and $55.7 million. FCS Acquisition plans to keep over 90 percent of Family Christian’s 266 stores open and operating.

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