Berean Christian Stores, one of the industry's oldest regional chains, has emerged from bankruptcy under new ownership.

The 18-outlet business that filed for Chapter 11 bankruptcy protection in June has been bought by Joseph and Deanna Gimelli, former owners of a northern California winery. The sale for almost $2 million was finalized last month.

The Cincinnati-based chain—whose roots go back to the first Berean Book Room opened in Los Angeles in 1934—had debts totaling almost $6.5 million when it began Chapter 11 proceedings. The Gimellis' bid prevailed at an auction over offers from three liquidators, said company President and CEO Bill Simmons, who continues to lead the new business.

Announcing "It's a New Day" to Berean customers in an e-mail message, management said difficult circumstances and the economy "have been tough on Berean this past year." As a result, "our ability to effectively stock our stores and serve our customers was impacted. "But with the sale to "a compassionate Christian family, Berean will again be able to fully provide the assortment of products and level of service you expect."

Simmons said the Gimellis first expressed interest in Berean almost two years ago, as regular customers of the chain's outlet in San Jose, Calif. "They see themselves as stewards; they are reluctant to refer to themselves as owners," said Simmons, who added that the Gimellis "believe in the mission and ministry of the business."

The Berean stores were bought by Standex International in the 1960s and sold to management backed by a private equity firm in 2006. The chain then grew to 26 stores, but cut the number to 18 this year as it hit cash flow problems.

One supplier, who asked to remain anonymous, said he was "ambivalent" about the Chapter 11 move, which saw creditors recoup a fraction of what they were owed. "Should I be happy the chain survived? If it is managed in the future the way (other chains are) managed, then yes." His company would continue to do business with Berean, he said, but not on open terms.

Simmons said: "I think that vendors at large will have an appreciation that the industry is better with Berean continuing than not, and in the current economy, business for all our vendor partners is important.

"Certainly I am the first to admit it is not the perfect outcome, but it's the best possible outcome given the circumstances that the business faced," Simmons added. "I have found a great willingness among the majority of the vendors that we deal with to look ahead."

Having been operating at half usual inventory levels in recent months, a priority would be to restore selection and breadth of product, he said.

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