Vann's is going to close it's doors forever - AVS Forum
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post #1 of 92 Old 09-25-2012, 08:54 AM - Thread Starter
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It seems as though Vann's will not be emerging from bankruptcy after all...

By Alan Wolf On Sep 24 2012 - 3:50pm

Missoula, Mont. – Vann’s, the 51-year-old A/V and majap chain, will begin liquidating its assets next month after failing to obtain sufficient funding to emerge from bankruptcy.

The Montana-based chain filed for Chapter 11 protection on Aug. 5, but could not convince lenders to extend an additional $3 million to $5 million, which recently named CEO Jerry McConnell deemed necessary to keep the business afloat.

“We’ve reached the point where we have to admit we can’t make this work in today’s economy,” McConnell said in a statement.

Vann’s informed the U.S. bankruptcy court in Butte, Mont., of its plans last Wednesday, and has given employees a 60-day layoff notice.

“Our analysis shows that the company might have been able to make it, but only with an infusion of an additional three to five million dollars, which just isn’t in the cards,” McConnell said. “We looked at other scenarios, too … but the way our sales have been falling off lately those strategies didn’t pencil out.”

A restructuring team is developing wind-down and sale alternatives which will be presented to the bankruptcy court by the first week of October. Going-out-of-business sales are likely to begin soon after, the company said.

McConnell told the local Missoulian newspaper that inventory will likely last through November, after which all stores will be closed.

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post #2 of 92 Old 09-25-2012, 09:00 AM
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So, can we expect inflated MSRP prices, starting with 5% off stickers on them, like most liquidations? LOL!

A shame though. They've been a solid seller through the years.

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post #3 of 92 Old 09-25-2012, 12:36 PM
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That's really too bad. I hate to see it, especially since I was a satisfied customer of theirs.

...I assume the internet business will be gone, too?
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post #4 of 92 Old 09-25-2012, 12:55 PM - Thread Starter
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Originally Posted by dat56 View Post

...I assume the internet business will be gone, too?

Because they were unable to secure sufficient working capital the entire corporation will be liquidated, including the internet business.

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post #5 of 92 Old 09-25-2012, 01:32 PM
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Originally Posted by JimWilson View Post

Because they were unable to secure sufficient working capital the entire corporation will be liquidated, including the internet business.

We'll just have to take up a collection on AVS and buy it smile.gif

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post #6 of 92 Old 09-25-2012, 01:42 PM
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very very sad.


another CE reseller bites the big one.

in 2 years or less Best Buy will perish as well.


It will be the amazon show!!! (It already is realistically)

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post #7 of 92 Old 09-25-2012, 02:14 PM
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This is sad........obviously was a good dealer. I am in Edmonton (Canada) and am still missing my A&B SOUND big time.........that is what happens when everyone just wants to steal their music...good music and AV Stores Close.
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post #8 of 92 Old 09-25-2012, 04:03 PM
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Sad news indeed. I bought a few things from them over the years - and so did my brother.
In all cases for me, they had good prices and good service.

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post #9 of 92 Old 09-25-2012, 04:16 PM
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WHAT?!

thats really too bad
scored the Boston Acoustic VS Bundle last Black Friday from them...
best deal ever.
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post #10 of 92 Old 09-25-2012, 04:58 PM
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Sad indeed! Great company, what will the future be like?

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post #11 of 92 Old 09-25-2012, 05:01 PM
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Only ordered from them a couple times but I often recommended them as a good online vendor to friends and family. Bummertime.

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post #12 of 92 Old 09-25-2012, 05:16 PM - Thread Starter
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It seems we all pretty much had the same experience; I've bought a few things from them and never had a problem. Vanns always had fast delivery and good prices. Guess that type of service is no longer popular... frown.gif

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post #13 of 92 Old 09-25-2012, 05:27 PM
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Cause all anyone cares about is super cheap the service means nothing to people anymore. When b&m stores are gone and online retailers take control and begin enforcing terrible return policies people are gonna realize what's wrong

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post #14 of 92 Old 09-25-2012, 05:54 PM
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Very sad indeed. I bought several items from Vanns and it was always a great experience. I will miss them.

Also, as the above poster noted, it will be a sad day when all the B&M stores are gone too. I agree, the remaining online retailers realizing they are now the only game in town, may not be as liberal with the return policies we all enjoy today. Loss of competition, B&M and Internet, is a bad thing eventually for everyone. Just look at the airline industry today with rising fares and baggage fees! When AA and US Airways merge , it will only get worse when the US airline total goes down to 4.

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post #15 of 92 Old 09-25-2012, 06:02 PM
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Eventually the only places left to buy electronics will be Walmart and Amazon, at which point they will merge and form Omni Consumer Products. If you think things are bad now...
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post #16 of 92 Old 09-25-2012, 06:04 PM
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bought an openbox defective hdmi cable from them, it was more like used, the whole cable was cover in drywall dust,it was clearly someone bought it, installed it in wall then returned it because it was defective. Vann's just resold it as openbox. I had to pay for shipping to return the defective cable back to them. glad to see them gone.
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post #17 of 92 Old 09-25-2012, 06:07 PM
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just curious why you bought an HDMI cable from them. I hope you bought other equipment too? I wouldn't even think of buying from Vanns for cables.

Monoprice.com has HDMI cables for a bargain.

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post #18 of 92 Old 09-25-2012, 06:08 PM
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And people read my last post and not care cause getting it for cheaper is more important. Go to these deal threads people won't buy it local BC of tax? Do people not realize what tax money does?

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post #19 of 92 Old 09-26-2012, 10:11 AM
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Quote:
Originally Posted by richardyc View Post

bought an openbox defective hdmi cable from them, it was more like used, the whole cable was cover in drywall dust,it was clearly someone bought it, installed it in wall then returned it because it was defective. Vann's just resold it as openbox. I had to pay for shipping to return the defective cable back to them. glad to see them gone.

Why buy an open box hdmi cable in the first place? Surely there are places to purchase new hdmi for the same price or lower. Monoprice, as mentioned, for starters. Ebay, Amazon, Tartan, et all.

Anyway, given their dire financial straits, it wouldn't be at all surprising that their service and attention to detail began to tumble. Layoffs, fewer people to handle the load, the remaining employees overworked and stressed, or not caring anymore as the handwriting was on the wall, etc.

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post #20 of 92 Old 09-27-2012, 05:22 PM
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+1 on the "going out of business sale" tactics. Everything gets marked up, and then 5%...10%....15%. It really isn't a sale after all but then agree the business of shuttering doors and those who specialize in gaining the most revenue from such events have had a lot...a lot of practice.

"I'd really like to 'audition' XYZ brand, but I can't seem to find any local dealers"

"I auditioned XYZ luckily at BestBuy, and then I was able to find them on Amazon for $35 cheaper. For me, Best Buy is really just a showroom for Amazon"

"I love our local retailer, I go down there to try out products and grill the sales reps. That is the service I need. But they can't compete on price, so I just buy them online in the end"

And so on and so on. I tell my son that the concept of going into a store and finding a product to buy and touch will be a thing of the past in the next 5-10 years. I was floored the other day when I went into Home Depot trying to buy a belt sander "local" and the retail associate said they didn't have any in stock. They didn't carry any models that were more than $99.

But I will say this. In every set of variables, there is a stated amount of energy that drives forward progress. At some point, the energy spent is more than the energy created ( sales ) and from there the laws of entropy take over and a new form of energy is found. Given how many retail locations are shutting down their doors, I think its only a matter of time until someone figures out a way to bring us back to retail and do so profitably.

Personally, instead of a big box store stocking the usual suspects ( Bose / Polk / ML...etc..etc), I'd like to see someone open up a retail showroom that has the majority of "off brand" speakers and accessories. Hundreds of speakers and receivers. Then in the front of the store, I'd like to have a large glass wall that prevents "consumers" from walking in and testing stuff out and bleeding the sales reps for information. You can look, but you cannot touch....unless you pay a $99 yearly fee to earn the right to test everything out. Pay the fee, and then listen, chat, experience and enjoy as much as you want. And when you are ready to buy? Sorry...we do not have any products for sale. For that you have to go online.

Separate the experience of shopping from the experience of buying. How many of us in the market for a new receiver or speaker would pay for the ability to do this?
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post #21 of 92 Old 09-27-2012, 06:31 PM
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Quote:
Originally Posted by shadyJ View Post

Eventually the only places left to buy electronics will be Walmart and Amazon, at which point they will merge and form Omni Consumer Products. If you think things are bad now...

nah, it'll just be called Walmart.
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post #22 of 92 Old 09-28-2012, 10:17 AM
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Quote:
Originally Posted by CruelInventions View Post

... given their dire financial straits...

Would it be fair to just say: money for nothing, or the other way' round??smile.gif

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post #23 of 92 Old 09-28-2012, 11:25 AM - Thread Starter
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Originally Posted by Avliner View Post

Would it be fair to just say: money for nothing, or the other way' round??smile.gif

It took me a second or two before I got that... tongue.gif

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post #24 of 92 Old 09-28-2012, 01:13 PM
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I think you will see a resurgence in BM sores like BB. They have already realized they have to compete with Amazon. Last week I just purchased a Samsung plasma (PN51e7000) that they dropped the price to $1200 so I could buy it there. Today I went back for their lowprice guarantee and got a $200 gift card.
They can compete, and I think they are learning to.
But now people have to support them and give them a chance!
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post #25 of 92 Old 09-28-2012, 01:22 PM
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IMO it's a waste of time to go to B&M stores for most people.

- They don't have stock, or the models you want.
- Stereo stores don't want to waste their time with you if you're not spending $1-2,000 on a visit.
- And since nobody listens any more, they don't actually bother to find out what you need or want.
- Not to mention the travel time you've wasted to get there and find their inventory system doesn't work, they don't actually have what you want.

Online reviews and comments are much more useful to me than 99.9% of the "service" people in stores who are ill-informed, pushing a product, etc.

Vanns always paid return shipping for damaged or defective items, though I had to ask twice sometimes when talking to an inexperienced service rep. I'd never pay that, anywhere (except eBay, where you have to) - so if you did it's really on you.

BTW, showrooming is (of course) a myth, an excuse that lazy retailers use and internet whiners like to repeat. Most people don't want to waste the time of a visit to a store.

New head of Best Buy says showrooming is a myth - maybe there's hope, someone who's telling them to stop making excuses for their lousy stores and service

Deloitte debunks showrooming myth
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post #26 of 92 Old 09-28-2012, 10:14 PM
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Sad indeed. I never purchased anything from them, but it is always terrible to hear about another business shutting down and people getting laid off. I have been making more of a point to go into my local B&M stores and actually BUY from them. Like yaomizzle said, a lot of people don't understand what local sales tax does and therefore don't want to pay it. But when schools are laying off teachers and roads have massive potholes they want to complain? I'm happy to say that places around here are taking internet retailers seriously and trying their best to pricematch them. They keep this up and I'll keep supporting them (and as a result my community).

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post #27 of 92 Old 09-29-2012, 08:16 AM
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That's really a shame. I've recently bought some stuff from them and liked the experience. But maybe liquidating stock is why I got such good prices.

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post #28 of 92 Old 09-29-2012, 08:41 AM
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Quote:
Originally Posted by kemetblk View Post

I have been making more of a point to go into my local B&M stores and actually BUY from them. Like yaomizzle said, a lot of people don't understand what local sales tax does and therefore don't want to pay it. But when schools are laying off teachers and roads have massive potholes they want to complain? I'm happy to say that places around here are taking internet retailers seriously and trying their best to pricematch them. They keep this up and I'll keep supporting them (and as a result my community).

I'm a teacher and I don't buy that reasoning. Schools are laying of teachers because the US no longer wants to fund education at the level that we should. And we have massive potholes in roads because we aren't willing to invest in our infrastructure. Otherwise, we'd raise taxes a little to pay for it and decrease defense spending, just like the rest of the industrialized nations do.

That being said, I don't disagree that supporting local business is a good thing when local businesses are willing to pricematch. But having bought audio equipment from Vanns, I can tell you that Vanns sells many products at prices that are much better values than B&M stores, even if one paid the sales tax, and often at prices the B&M stores won't match.

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post #29 of 92 Old 09-29-2012, 08:43 AM
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Quote:
Originally Posted by dzt41j View Post

I think you will see a resurgence in BM sores like BB. They have already realized they have to compete with Amazon. Last week I just purchased a Samsung plasma (PN51e7000) that they dropped the price to $1200 so I could buy it there. Today I went back for their lowprice guarantee and got a $200 gift card.
They can compete, and I think they are learning to.
But now people have to support them and give them a chance!

That seems to be the case. My friend and I went to BB/Magnolia to buy the the Def. Tech Pro Cinema 800 and Pioneer SC-61 and they matched Amazon prices. I was surprised as they wouldn't do that before,
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post #30 of 92 Old 09-30-2012, 08:56 AM
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More trouble on the way.The commonwealth of Massachusetts is very close to an agreement w/Amazon to force vendors to charge Mass sales tax to Mass residents. If it's okayed watch for a stampede of states looking for the same deal. The amount of paperwork will be huge and prices will rise and more businesses will go down. We just keep feeding the government beast, pay higher prices, lose jobs and no one seems to care.smile.gif
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