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Art Van’s furniture stores are no more, but the family has bought back the brand name out of the bankruptcy of the company to which it had sold the chain. The Van Elslander family successfully acquired the Art Van Furniture name out of bankruptcy this month.
What happened to art vans furniture?
Warren-based Art Van Furniture sold itself in early 2017 to Boston-based private equity firm Thomas H. Lee Partners in a $612.5 million deal that included the sale of Art Van stores’ real estate to new landlords, who began to charge the stores rent. Art Van Eslander died a year later at age 87.
Did loves furniture buy out Art Van?
The Michigan-based company, founded in the 1950s, was a top furniture and mattress retailer in the Midwest. Over the summer, US Assets Inc., whose founder and CEO is named Jeff Love, swooped in and purchased 37 former Art Van, and Levin and Wolf stores. Loves Furniture stores began opening in late summer 2020.
Who is the owner of Art Van Furniture?
Art Van Elslander Type Private Key people Art Van Elslander, Founder; Gary Fazio, President & CEO; Products Furniture Revenue US$ 1.4 Billion (2018 est.) Number of employees 3,700.
What Furniture Brands did Art Van carry?
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.
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.
Why did Love’s furniture go out of business?
6 Chapter 11 filing, Loves’ public statements mostly blamed its financial challenges on industry-wide supply disruptions caused by the COVID-19 pandemic that left the company’s stores with low inventory during a time of high consumer demand.
What happened with loves furniture?
There was some hope for many of those employees and customers when Loves Furniture took over several dozen of those stores last summer. But pandemic-related supply issues plagued the new business along with delivery problems. Loves filed for chapter 11 bankruptcy on January 6, 2021.
Where is Love’s furniture from?
Company Description: Loves Furniture Inc is located in Warren, MI, United States and is part of the Furniture Stores Industry. Loves Furniture Inc has 3 total employees across all of its locations and generates $7.41 million in sales (USD).
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.
Where was the first Art Van Furniture store?
Eastpointe, MI.
What furniture stores sell art van?
and Love’s Furniture Inc. today announced they have acquired the inventory and assets of 27 former Art Van Furniture, Levin Furniture, and Wolf Furniture stores in five states, 17 of which are in Michigan, according to a deal approved by the U.S. Bankruptcy Court.
Where is the Art Van liquidation sale?
Art Van was based in Warren. Area stores are located at 2300 Telegraph Road in Bloomfield Hills, 15701 Market Drive in Dearborn, and 6500 E. 14 Mile Road in Warren. The Grand Rapids location is at 4375 28th St.
Did Value City Furniture go 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.
Is Art Van still alive?
Archie A. Van Elslander, who founded Michigan-based Art Van Furniture and donated millions of dollars to causes he championed, died early Monday from complications related to lung cancer.
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.
What happened to fingers furniture?
The Fingers name will no longer grace furniture stores in Houston. As part of a corporate re-positioning, Fingers Furniture said today it will transform its Fingers-branded stores into Ashley Furniture HomeStores by the end of March. Those stores are in Willowbrook, Sugar Land, Humble and on the Gulf Freeway.
Which loves Furniture stores are closing?
The Loves Furniture store consolidation will result in the closure of locations in Westland, Waterford Township, Livonia, Burton, Saginaw, Bay City, Muskegon and Dearborn. Peters said store closures in Port Huron and Petoskey are due to the challenge of servicing those locations due to distance.
What happened domain Furniture?
A majority stake in Top 100 furniture store Domain Home has been sold to Synergy Enterprises, a New Jersey-based private investment firm new to the home furnishings industry, for an undisclosed amount.
Is Love’s going out of business?
A lot of factors led to this company filing for bankruptcy. Loves Furniture recently filed for Chapter 11 bankruptcy protection, making it the latest retailer to suffer the effects of COVID-19, lockdowns, and the related battering that the economy has taken.
When did Domain Furniture go out of business?
Norwood, Mass. Opened: 1985. Closed: March 2008 The partnership was the beginning of the end for Domain, which George had grown to 27 East Coast stores and nearly $60 million in annual sales. “We brought in another company, another brand, and the customer got confused as to what Domain was,” George said.
Which loves stores are closing in Michigan?
“We’ve still got 12 (Michigan) stores — our 12 best stores and most profitable stores we’re keeping.” The locations of the Michigan stores which will close include Dearborn, Waterford, Port Huron, Livonia, Burton, Saginaw, Bay City, Muskegon and Petoskey.
Who owns Love’s Furniture in Michigan?
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.
How long is Love’s Furniture been in business?
Loves Furniture, Inc. was founded in 2020 by Jeff Love, President. The company is headquartered in Royal Oak, Michigan.
