Announcing the June 9 move, Berean President Bill Simmons told Christian Retailing that he expected a purchase would be completed by the end of July, ensuring that the company would be "adequately capitalized well into the future."

Details of one bid were included in the papers filed with the U.S. Bankruptcy Court, Southern District of Ohio in Cincinnati, Simmons said, with an auction possible if other interest in a purchase was forthcoming.

Simmons said the chain filed for bankruptcy protection after months-long discussions with vendors had failed to secure an agreement for continued operations. "It's not the perfect outcome, but we believe that it is the best outcome we can hope for in the situation that we find ourselves in," he said.

Simmons said Berean's troubles began last fall when it presented a restructuring plan to its lenders, whose requirements prompted Berean to take "pre-emptive action" and pay off all bank debts. That impaired Berean's ability to pay its suppliers.

The legal moves mark a big change of fortunes for the chain, which just three years ago started a new chapter in a long history. With backing from private equity from JMH Capital, Berean management bought out the then-16-strong chain--which dates back to 1934-from Standex International Corporation.

The new owners embarked on some rapid expansion, growing to 26 stores. It cut that number to 18 earlier this year.

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