CEO: Bankrupt Vann's has potential buyer

MISSOULA — The chief executive officer of the bankrupt electronics and appliance store Vann’s Inc. says a Bozeman businessman is considering buying the company.

Jerry O’Connell tells KGVO-AM the potential buyer is interested in all five of the Vann’s stores in Montana.

Less than two weeks ago, Vann’s asked the U.S. Bankruptcy Court to convert its bankruptcy to a liquidation because it had not been able to secure the $3 million to $5 million investment needed. The closure would mean the loss of about 150 jobs.

McConnell says he plans to ask if the bankruptcy court today if the company can have another week to firm up the sale. He did not identify the potential buyer or announce any terms of the possible sale.

Vann’s is owned by its employees, who learned of the possible sale Monday morning.

Vann’s filed for bankruptcy Aug. 5 to reorganize its finances. The company has about 150 employees in six stores, including 85 in Missoula. The stores in Evergreen, Hamilton, Bozeman and Billings along with a warehouse in Lolo also will be closed. The Helena store closed earlier this year.

The Evergreen store employs 15 people; no one at the store is able to comment on the situation.

Vann’s was founded in Missoula in 1961 as an appliance store. It added electronics and opened retail stores across the state. It also has an e-commerce site at vanns.com. Vann’s became a 100 percent employee-owned company in 2005.