Thomas H. Lee Partners
People also ask
Is Art Van Furniture still in business?
The heirs of Archie Van Elslander have bought back legal rights to the Art Van Furniture name, four years after the family patriarch sold the furniture company to a private-equity firm and nearly a year since the company went bankrupt and began closing all of its nearly 200 stores.
Who bought the naming rights to Art Van Furniture?
Gary Van Elslander, son of the company’s late founder and acting through a family investment company called VEC, successfully bid $6 million for the naming rights. The sale was approved Feb. 1 by a bankruptcy court judge overseeing Art Van Furniture’s still-ongoing liquidation case.
How many Art Van stores are there?
By this time Art Van had grown into a chain of 15 stores, all in the metropolitan Detroit area. The early 1970s saw an increasingly competitive atmosphere as other furniture retailers such as Joshua Doore began to aggressively target Art Van’s customers.
Where was the first Art Van Furniture Store in Detroit?
Desiring a business of his own, Van Elslander in 1959 mortgaged his house and borrowed from his insurance policies to finance the first Art Van Furniture store, a 4,000-square-foot outlet on Gratiot Avenue in East Detroit.