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Warren ?Art Van Furniture,a Metro Detroit institution and one of the largest furniture retailers in the Midwest,will close all of its company-owned stores and liquidate its inventory afterstruggling with changing furniture-shopping habits and heavy debtfollowing its acquisition by a private equity firm three years ago.
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Is Art Van Furniture going out of business?
We put it to the test San Francisco (CNN Business) Venerable Midwest furniture retailer Art Van Furniture will be closing and liquidating its stores, the company announced Thursday.
What’s going on with Art Van?
The bankruptcy was filed in Delaware. The 22-page filing told the story of a once-proud retailer crashing into the rocks. The lines formed before the 2 p.m. closing at Art Van stores — including the one in Southfield and at headquarters, where things got out of hand last week, causing stores to close and reboot.
How many Art Van stores are there in the US?
The business he named Art Van eventually become a 176-store chain spanning nine states and a franchise operation of 20 stores. Elslander sold Art Van Furniture to Thomas H. Lee Partners in 2017, a year before he passed away.
What happened to Art Van bedding?
Industry sources familiar with the move, meanwhile, told Furniture Today on background that Art Van couldn find anyone else to buy it. Last year, acknowledging missteps, Art Van named retired bedding industry veteran Gary Fazio as its new CEO.