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Large grand opening banners still float in front of some Loves Furniture stores that are now due for liquidation after the company filed for bankruptcy this week – less than six months after the reopening of former Art Van Furniture stores began, reports the Detroit Free. Press.
It has been less than a year since Art Van went bankrupt, which resulted in the liquidation of all of its stores. The Michigan-based company, founded in the 1950s, was one of the leading furniture and mattress retailers in the Midwest.
Over the summer, US Assets Inc., whose founder and CEO is Jeff Love, broke in and bought 37 former Art Van and Levin and Wolf stores. Loves Furniture stores opened at the end of summer 2020.
RELATED: Loves Furniture invests millions to reopen 18 former Art Van stores in Michigan
Before the bankruptcy, Loves announced that he would close most of the 32 stores it had opened – keeping 12 in Michigan and one in Ohio, Freep reports.
According to the bankruptcy filing, Loves has between 100 and 199 creditors and between $ 10 million and $ 50 million in debt. Clearance sales in the remaining 13 stores are likely. The company may also seek a new owner for these locations, the newspaper reports.
Art Van filed for Chapter 11 bankruptcy protection in March 2020.
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