One of the industry's leading independent Christian retail stores has been rocked by charges of embezzlement of $750,000 against a longtime employee.

Christian Supply in Spartanburg, S.C., would "suffer a significant financial loss," owner Chuck Wallington told The Spartanburg Herald-Journal. The business had secured financing to continue operations and vendors had "given us grace," he added.

The former director of administration at the store, a 15-year employee, has been accused of embezzling the money between January 2007 and this month. The losses were discovered last week when a bank contacted Wallington about a negative balance, the newspaper reported.

Wallington discovered that his wife's signature had been forged on some checks, and checks had been written to companies with which Christian Supply did not do business, the Herald-Journal added.

Wallington said his accountant asked whether he wanted to try to sell the business or make it work, but he felt God told him "it is not the time to sell." He added: "This place is not going away. I believe our business has had and will have a very significant impact on this community."

Opened in 1953 by Wallington's parents, Christian Supply has grown from 600 square feet to a 35,000-square-foot superstore, warehouse and office with a staff of 70. The store has won several CBA awards for retail innovation and excellence.

In 1985 Wallington founded the Covenant Group, which provides marketing and support services to stores with annual income of more than $3 million. An affiliate program for stores generating $1.5 million to $3 million annually was introduced in 2005.

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