Vann’s Sale Gets Final Approval
Vann's, Incorporated has confirmed the sale of the company to McMagic Partners LP of Texas.
Bankruptcy court trustee Dick Samson has confirmed to KGVO News that an earnest money check of $375,000 has been officially deposited,and all terms and conditions have been met, confirming the sale.
Vann's employees have been waiting for the official announcement that they will be keeping their jobs in the five locations around the state. The company went from Chapter 11 to Chapter 7 bankruptcy status this week in order to facilitate a quicker sale.
McMagic Partners paid approximately $4.5 million dollars for the company.
The parties will meet in bankruptcy court on Friday for final approval.