MISSOULA – Vann’s Inc., the appliance and electronics store that filed for bankruptcy protection last month, has given its Missoula employees 60-day layoff notices.
Chief executive officer Jerry McConnell tells the Missoulian the company has an obligation to let the judge know that unless they can find someone willing to invest $3 million to $5 million for inventory, it will have to liquidate its assets and close.
The company secured some financing after filing for bankruptcy, but McConnell says sales weren’t strong enough to continue.
Federal law requires businesses to give a 60-day closure notice if they have more than 50 employees. Vann’s has about 150 employees in six stores, including 85 in Missoula. The other stores are in Kalispell, Hamilton, Bozeman and Billings along with a warehouse in Lolo. The Helena store closed earlier this year.