Answers provided last week by Marc Jourlait, the recently appointed executive chairman Christianbook, helped clear up much of the confusion surrounding the state of the Christian e-commerce and catalog company, which is now owned by a new company called P52. However, many publishers remain frustrated and unsure about whether they will receive any of the money owed to them by the company’s previous owner.

This spring, P52 bought many of the critical assets of Christianbook, but it didn't assume any of the company's previous debt and liabilities—including any sums due to publishers. Those debts stayed with Christianbook's former owner.

Jourlait is also an operating partner at the private equity firm Riverside, which set up P52 to serve as Christianbook’s parent company. He is overseeing the company following the departure of former CEO Jason Schwartz, who will remain an active member of the Christianbook board. Jourlait said while P52 has no third-party debt (“We have a clean balance sheet”), he stressed that any payables or other debts owed by the previous Christianbook owner remain their responsibility.

The company in charge of overseeing the payout of assets is Development Specialists Inc. In its letter to creditors, the firm suggested that much of the funds from the asset sale will go to the old Christianbook's bank, BMO Bank N.A.

“Substantially all of the Company’s assets are encumbered by valid and perfected first-priority liens and security interests in favor of BMO, and at the time of the Assignment, substantial indebtedness remained under the Credit Agreement,” DSI wrote in a letter to creditors.

Creditors who would like to file a claim have until August 25 to file their documentation to: CB ABC, LLC, A Delaware Series Limited Liability Company, c/o Development Specialists, Inc.,10 South LaSalle St., Suite 3300 Chicago, IL 60603.

The filing notes that even by supplying proof of claims, “there is no guaranty that unsecured creditors will recover anything from the liquidation of any remaining unencumbered assets.”

Jourlait said P52 is using its resources to make investments in Christianbook, including the wholesale upgrade of outdated technology infrastructure, creating an online presence to Shopify, and augmenting sales and marketing efforts for its catalogs and website.

He also confirmed that the company will close its Peabody, Mass., warehouse (one of Christianbook’s assets) by the end of August and is in the process of moving inventory to a facility in Nashville that is run by Staples. The warehouse has already begun to process “thousands of orders a day,” he said.

Jourlait confirmed that P52 is paying 100% of Christianbook’s bills incurred by the new company. “We hope to regain our partners’ trust over time and get back to normal credit and payment terms,” he said, adding that given what happened with the old company it may take time to regain everyone’s trust.

He acknowledged that he and his colleagues had already begun reaching out across the Christian publishing and homeschooling communities, but with about 30,000 partners total, they have not yet been able to contact every supplier. Customers and partners with questions about the new Christianbook can reach out to [email protected].

Bibles and Bible study guides are Christianbook’s most popular items, followed theological books, homeschooling materials, and Christmas decorations. Jourlait said he sees Christianbook distinguishing itself from Amazon by providing a curated space for a broad assortment of Christian products and homeschool curricula, strong product personalization capabilities, and live customer service representatives with personal experience and expertise in Christian content and homeschooling material.

The goal of the new, P52-owned Christianbook, Jourlait said, is to position the company as a one-stop e-commerce destination for Christians. Jourlait declared that he and his colleagues “believe in God and the future of Christianbook.”