Vann's Bankruptcy Case
The electronics and appliance retail chain, Vann’s, filed for bankruptcy back in August after suffering continued drop-offs in sales. Now just two months into their Chapter 11 case, there is already a push to liquidate rather than restructure.
Up In The Air
The northern based retail chain has faced many obstacles, financially, in recent years. After entering what was hoped to be a successful debt restructuring plan a few short weeks ago, Vann’s executives are finding themselves defending their efforts in bankruptcy court. Statements were made in September that the retailer would be liquidating its assets and terminating operations across the state of Montana. However, Vann’s Inc. has asked U.S. Bankruptcy Judge, John Peterson, to allow more time to pursue Chapter 11.
Peterson granted Vann’s Inc. another month to come up with a solution to resolve debt liabilities. The team managing the bankruptcy proceeding must be able to negotiate a buyout of the chain by an interested party by the end of the month of they are going to save operations. For now, the 4 locations and 150 employees are awaiting news as to the fate of their jobs after month’s end.