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McMagic Partners LP, a Texas-based company, has entered into a contract to purchase Vanns, Incorporated in Montana.

The purchase price for the company is approximately $4.5 million dollars, and the U. S, Bankruptcy Court must agree to the terms by Thursday, November 1st for the deal to go forward.

According to court documents obtained by KGVO News, Vann's, Inc. will pay McMagic partners $250,000 to settle any outstanding claims by customers and any merchandise returns, and McMagic Partners would also offer all present Vann's employees jobs with the new ownership.

Vann's has five stores throughout the state, including a retail store and the On-Store in Southgate Mall.