Vann’s Employees Get Letter About Bankruptcy Filing [EMPLOYEE LETTER]
Vann's, Incorporated's new CEO Jerry McConnell sent a letter Sunday to all employees regarding the company's Chapter 11 Bankruptcy filing in Federal Bankruptcy Court. In the letter, attached below, McConnell explains what the Chapter 11 filing means to employees, customers, suppliers and vendors.
He warns employees in advance that once the news about the Chapter 11 filing is made public, they will be besieged with questions like 'I hear Vann's is going out of business'. He says to explain that the company is not going out of business, but is restructuring to freeze company debt in order to develop a plan to return to profitability. He writes that many high-profile companies have successfully emerged from Chapter 11 Bankruptcy, including Lehman Brothers, General Motors, Texaco, MGM and Chrysler....twice. He asks employees to be patient and respectful to anyone who may express anger over the filing, hoping that future success will be the best answer to such questions.
McConnell is a former Libertarian candidate for the U. S. Senate, who stepped down from the race.
Vann's CEO Jerry McConnell