Opening banners are still fluttering outside some Loves Furniture stores that are now scheduled for liquidation after the company filed for bankruptcy this week – less than six months after it started reopening old Art Van Furniture stores, reports the Detroit Free Press .
Less than a year has passed since Art Van’s bankruptcy, which resulted in the liquidation of all its stores. The Michigan-based company, founded in the 1950s, was a major furniture and mattress retailer in the Midwest.
During the summer, US Assets Inc., whose founder and CEO is called Jeff Love, raided and bought 37 old Art Van and Levin and Wolf stores. Loves Furniture stores started opening in late summer 2020.
RELATED: Loves Furniture invests millions to reopen 18 old Art Van stores in Michigan
Before the bankruptcy, Loves announced that he would close most of the 32 stores he opened – keeping 12 in Michigan and one in Ohio, reports Freep.
According to the bankruptcy filing, Loves has 100-199 creditors and $ 10 million to $ 50 million in liabilities. Settlement 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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