MISSOULA – Appliance and electronics retailer Vann’s Inc. says that it has lost its credit line and is searching for a new lender to help avoid filing for bankruptcy.
Chief Executive Officer Jerry McConnell says that operations will continue and no employees will be affected.
The Missoula-based company did not name the lender that pulled the line of credit in its statement on Thursday.
Vann’s statement says company officials are working with local lenders and evaluating its restructuring opportunities, which could include filing for Chapter 11 bankruptcy.
McConnell says that filing for bankruptcy is a worst-case scenario.
Vann’s grew to four retail locations across Montana, plus an online store and two sister companies, the ON Store and BigSkyCountry.com.
In February, it announced the closure of its Helena store.