Art Van Issues Statement Regarding Financial Future
After reports in Crain's Detroit Business late last week that Art Van management was considering several options including bankruptcy, liquidation or a possible sale to its founding family, a spokesperson for Art Van issued a statement, according to WJRT-TV in Flint,
"We are actively exploring a variety of options with our creditors, investors and landlords--- to ensure Art Van can continue serving our guests and our communities. It is premature at this time-- to comment further--- as no final decisions have been made. In the meantime-- our stores are open, and it is business as usual."
Private equity firm Thomas H. Lee Partners of Boston bought the Warren-based company in 2017, and in the past few years has seen a change in key executives. According to a wikipedia profile, Art Van has 200 stores, mostly Art Van furniture /Pure Sleep bedding stores, across the Midwest in Michigan, Ohio, Illinois, Indiana, Iowa, and Missouri and a e-commerce website.
More From WKFR
