A Missoula institution is closing its doors. Vann's Appliances first opened in Missoula in 1961, and has since grown to six stores with over 150 employees.

New CEO Jerry McConnell sent a 60-day layoff notice to all employees, stating the needed financing for the business had not come through. McConnell cites the recession and decreased consumer buying power as the biggest reason behind the store's closure.

McConnell says everything possible is being done to help his employees find new jobs after the stores close. Representatives from the Montana Job Service will visit with employees at the store on Thursday to begin the process of looking for new jobs.

McConnell says he has visited with the store's founder Pete Vann often over the past few days, and that Vann was heartbroken over the stores' closure.

Vann's CEO Jerry McConnell