Art Van Furniture has been making headlines from quite some time. The Detroit based company is all set to close its stores. Art Van closing has taken people by surprise. It is one of the Midwest’s top furniture and mattress retailer. On Thursday, an announcement was made about Art Van shutting down. It will soon be starting its liquidation sales at its stores. Majority of the stores are situated in Michigan, Illinois, Missouri and Ohio. The announcement was made around three years later when the company’s sale with Van Elslander family happened. This was to a private-equity firm: the private equity firm, Thomas H. Lee. Partners went forward and bought a majority of the stake in Art Van Furniture. This happened in early 2017. This time was about a year before the death of the founder of the company, Archie Van Elslander. He died at the age of 87.
The spokeswoman of Diane Charles Art Van Furniture, Diane Charles stated that despite the best efforts to remain open, the company’s brands and other operating performances had been struck hard by a retail environment that was quite challenging. The liquidation sales are likely to begin on Friday. This is on March 6 at the venue of Art Van Furniture, Art Van PureSleep and Scott Shuptrine Interiors who are in Michigan, Illinois, Ohio, Indiana and Missouri as well as some selected Wolf stores which are situated in Virginia and Maryland. Art Van has around 176 stores in almost nine states. This is according to the info from its website. Twenty of those stores are at franchise locations. Art Van Furniture which initially started as a single store in East Detroit in the year 1959, by Archie Van Elslander thrived for quite some years in Michigan. This existed like a mid-priced retailer that was very popular with first-time homebuyers. This now has its headquarters in Warren in Michigan.
In addition to all this, The Art Van spokeswoman also said that on behalf of the company, they are offering their appreciation to their employees for their extreme dedication, commitment and all the hard work that they had put in. Also, they have extended gratitude to the numerous customers, vendors franchisees, charities and communities who have been in constant support of these retailers. This company situated in Michigan has almost 24 furniture and mattress stores, all of which are located in the Chicago area.
Art Van is planning to close more than 300 stores. This is after it has struggled with substantial debt. This furniture and mattress retail landscape are in a disrupted state under private equity ownership. The company made an announcement on Thursday that it would begin with operations and liquidation sales. This will be from all of its company stores on Friday. Art Van announced that Hilco Global and Gordon Brother had been retained to assist them in liquidating. The company was found telling its employees that a memo had been sent on Thursday that was for obtaining Crain’s Detroit Business.