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Is Art Van really going out of 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 out Art Van?
A Delaware bankruptcy judge approved the roughly $6 million sale of the name to VEC LLC, an investment firm controlled by Gary Van Elslander — the son of the late founder Art Van Elslander — and the family office, on Feb.
What happens to my Art Van credit card?
Customers who have a balance on their Art Van credit card are still responsible for paying the bill, Langton said. As the company goes out of business, those payments will eventually be redirected to a court or trustee. Some customers might not ever see furniture they ordered.
How much is the Art Van family worth?
Warren, Michigan, U.S. US$ 1.4 Billion (2018 est.).
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.
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.
Does Art Van own loves?
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.
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.
Can I use my Art Van credit card anywhere?
The Synchrony HOME Credit Card is accepted at thousands of locations nationwide and home-related stores online. Everywhere your Synchrony HOME Credit Card is accepted, the 6 month promotional financing offer will automatically be applied to purchases of $299 or more.
Where can I use my old Art Van credit card?
Art Van Signature Cards are backed by Synchrony Financial, the leading finance company also behind US-Mattress Financing Cards. Your existing Art Van Signature cards can now be used to make purchases at US-Mattress. Program details: Present your card in person at US-Mattress stores, or by phone (800-455-1052).
Can I still use my Art Van Card?
Art Van Furniture announced yesterday that they will be closing all of their stores nationwide including Art Van PureSleep and Scott Shuptrine Interiors in Michigan, Illinois, Ohio, Indiana, and Missouri. If you have a balance on your Art Van card, you are still obligated to pay it off.
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.
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.
Who founded Art Van Furniture?
Archie Van Elslander, the founder of Art Van Furniture, has died at age 87. Company spokeswoman Diane Charles said Van Elslander, known as Art Van, had cancer.
Where is the Art Van liquidation sale?
The four stores are: 2300 Telegraph Road in Bloomfield Township. 15701 Market Drive in Dearborn. 6500 E 14 Mile Road in Warren.
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.
What was art van famous?
Art Van Elslander (b. 1930 d. 2018) is Founder and Chairman of Art Van Furniture, the Midwest’s largest furniture and mattress retailer. Headquartered in Warren, Michigan, Art Van Furniture is ranked in the top 20 of the leading 100 furniture stores in the United States.
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.
When did art van open?
1959, Eastpointe, MI.
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 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.
What happened to Detroit mattress company?
In January, founder Art Van Elslander announced he would sell the chain to Boston-based Thomas H. Lee Partners LP for an undisclosed price.
