Table of Contents
Who is Art van owned by?
Warren-based Art Van Furniture sold itself in early 2017 to Boston-based private equity firm Thomas H. Lee Partners in a $612.5 million deal that included the sale of Art Van stores’ real estate to new landlords, who began to charge the stores rent. Art Van Eslander died a year later at age 87.
Is Art Van in Warren still open?
Furniture is officially out and an industrial use is in for the former Art Van Furniture headquarters on 14 Mile Road near Van Dyke Avenue in Warren. The Warren property was most recently occupied by Loves Furniture & Mattresses, which filed for reorganization under Chapter 11 bankruptcy in early 2021.
What store took over Art Van?
Loves Furniture, the new company that took over many shuttered Art Van Furniture locations, is now struggling to pay some vendors and fill its stores with fresh inventory due to pandemic-related supply issues affecting the furniture industry and has hired a new boss to turn things around.
Who bought Art Van 2020?
A Delaware bankruptcy judge approved the roughly $6 million sale of the name to VEC LLC, an investment firm controlled by Gary Van Elslander — the son of the late founder Art Van Elslander — and the family office, on Feb.
Did Value City Buy Art Van?
The store, at 8748 W. Saginaw Hwy., was one of six Art Van store properties throughout the state acquired by Value City in June, Chief Marketing Officer Alejandro Alvarez said in an email. The new properties include former Art Van stores in Chesterfield and Clinton townships, Flint, Novi and Traverse City.
What happens to my art van warranty?
Art Van Furniture warranties to be defunct after company goes out of business. Customers who have a balance on their Art Van credit card are still responsible for paying the bill, Langton said. As the company goes out of business, those payments will eventually be redirected to a court or trustee.
Is art van a person?
Archie “Art” Van Elslander founded Art Van in 1959, opening his first store in East Detroit. Van Elslander’s furniture first business was a 4,000 square-foot space on Gratiot Avenue and 10 Mile Road. He expanded to three stores in that same year, and a fourth store opened in 1960.
What is Art Van Furniture now?
A Dallas-based equity firm acquired 27 former Art Van stores out of bankruptcy with plans to reopen as Loves Furniture. The newly formed company, which will operate 17 locations in the state, will be headquartered Royal Oak, the company said in a press release.
Is loves Furniture closing in Michigan?
A lot of factors led to this company filing for bankruptcy. Originally starting with 34 stores in Michigan, Ohio, and Pennsylvania, Loves Furniture is expected to scale down to just one store in Michigan post-Chapter 11, which they filed on Jan. 6.
What brands did Art Van Furniture sell?
Founded by Art Van Elslander and based in Warren, MI, Art Van Furniture opened in 1959. This company offers everything from home and office products to bedding and mattresses. The retailer often has deals on brands like Ashley Furniture, La-Z-Boy, and Detroit Sofa Company.
What caused Art Van closing?
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 after struggling with changing furniture-shopping habits and heavy debt following its acquisition by a private equity firm three years Mar 5, 2020.
Did loves furniture buy out Art Van?
The Michigan-based company, founded in the 1950s, was a top furniture and mattress retailer in the Midwest. Over the summer, US Assets Inc., whose founder and CEO is named Jeff Love, swooped in and purchased 37 former Art Van, and Levin and Wolf stores. Loves Furniture stores began opening in late summer 2020.
Is Jeff Love related to Art Van?
Loves Furniture went into business in late summer after a Texas-based private equity firm, US Assets Inc., whose founder and CEO is named Jeff Love, bought 27 shuttered Art Van stores in Michigan, plus 10 other Art Van and Levin and Wolf locations in other states.
Is Value City going out of business?
NEW YORK, Oct 27 (Reuters) – Value City Department Stores has filed for Chapter 11 bankruptcy and will liquidate its remaining 66 stores, citing a slide in consumer spending and tougher credit markets. Value City first opened in Columbus, Ohio, in 1917.
What is the quality of Art Van Furniture?
Tip: Affordable, original art can be found at local galleries, collectives and art schools; call to ask about art sales. We’ll leave the mattress/box spring sales pitch to those who do the pitching. Just understand: It is perhaps the most important piece of furniture you buy.
Is Art Van in Lansing still open?
The Warren-based company announced Thursday that it is closing all of its approximately 190 locations and running liquidation sales.
How do I get my money back from Art Van?
Some Art Van locations are now open and if you bring in your original receipt you will either get the product you purchased, if it’s available — or you can select a new product of equal value. If you paid with a credit card you should work with the credit card company to dispute the charges.
Is Art Van honoring their warranties?
“The general rule is that warranties likely will not be honored by Art Van,” said Langton. “That warranty is no good unless the manufacturer will assume the damage, if there is such a thing.” Art Van is telling customers with concerns to contact their team at 888-427-8826.
What happened to the Detroit sofa company?
Breaking News: the Detroit Sofa Company is now in select Art Van Furniture stores! Detroit inspired designs, finest American craftsmanship, and shocking value – with 12 styles, 28 body fabrics and 34 accent fabrics.
How much did Art Van’s house sell for?
It eventually sold for $3.75 million. It sits on 3.75 manicured acres that include a long brick driveway, lavish landscaping, the outdoor swimming pool, decorative pools, fountains, a tennis court, a basketball court, a putting green and sand traps.
How many Art Van stores are there?
Art Van has a total of 176 stores in nine states, according to its website. Twenty of the stores are franchise locations.
