Posted: Sep 20, 2012 7:27 AM by Mike Powers - MTN News
Updated: Sep 20, 2012 7:30 AM
MISSOULA - Employees at Vann's appliance stores in Montana have been told the business will either be closed or sold, and that they will be laid off.
Vann's employs more than 150 people throughout stories including Billings, Bozeman, Kalispell and Hamilton.
The company filed for bankruptcy in early August. In a letter given to employees Wednesday, Vann's CEO Jerry McConnell they tried to keep the business running in hopes of reorganizing, but the continuing steep drop-off in sales eroded creditors' confidence, losing funding Vann's needed to continue the appliance and electronics store.
Because of this, the company is considering a going-out-of-business liquidation process or selling the company.
The Vann's corporate headquarters and retail store is on Brooks Street in Missoula.
McConnell said this this will be an orderly liquidation in Chapter 11, and is not a Chapter 7. We don't know if other stores in Montana are affected.
The letter says the layoff will be permanent and the company expects the last day of work will be around Nov. 18 or sooner.
Vann's opened in Missoula in 1961.