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Tuesday
Oct302012

Vann's could have new buyer if court approves

(MISSOULA)- If the U.S. Bankruptcy Court approves, Vann's chain of Montana stories could have a new owner as soon as next Monday. 

Vann's filed for Chapter 11 bankruptcy late last summer, hoping to re-organize its business in face of market pressures that have pushed the chain to the verge of liquidation and closure. The case was converted to a Chapter 7 proceeding last week, satisfying major creditors who've been concerned Vann's has the resources to make it through the critical holiday sales season.

Now, KPAX TV is reporting a Texas company, McMagic Partners LP is offering to buy Vann's operation for $4.5-million. As part of the purchase agreement, Vann's would pay McMagic Partners $250,000 to settle outstanding customer issues and cover merchandise returns. McMagic would offer current employees a job with the new operation. 

The deal has to meet all legal deadlines by Thursday afternoon. 

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