Montana electronics retailer Vann's Inc. filed for chapter 11 protection blaming declining sales in a poor retail climate and two unsuccessful efforts to expand into new businesses, the Wall Street Journal reported today. The company, which listed $17.6 million in assets and $14.4 million in liabilities in court documents filed on Friday, said that it has suffered losses because of its attempts to broaden the scope of its business beyond electronics. Vann's has two secured lines of credit, one with First Interstate Bank, on which it owes $4 million, and one with GE Commercial Distribution Finance Corp. with an $8.5 million maximum borrowing amount.
