Love’s Furniture Inc. 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.
Detroit’s D Business reports the stores will open in early June under the new Loves Furniture brand.
“Today’s acquisition of these locations across the Midwest and Mid-Atlantic regions represents a tremendous milestone for our company, our associates, and for the communities that we serve,” says Matthew Damiani, CEO of Loves Furniture. “We are thrilled to announce an exciting new retail option for customers in these markets who have been looking for a more modern shopping experience.”
RELATED: Some Art Van stores could reopen under new ownership
U.S. Assets Inc. and Love’s Furniture acquired the 27 stores for $6.7 million in cash. The sold locations are among 169 stores in nine states — 92 that operated as furniture showrooms and 77 free-standing Art Van PureSleep outlets — that were closed as part of a bankruptcy.
Another 20 stores, half of them in Michigan, are individually-owned franchisees operating under the Art Van banner. The latter stores were not part of the bankruptcy that Art Van Furniture Inc. filed in early March, D Business reports.
Loves Furniture will be headquartered in metro Detroit and expects to add 1,000-plus new employees across the region, including those workers who recently lost their jobs due to the Art Van Furniture store closings.
To expedite the local hiring efforts, the company said it plans to conduct a “soft launch” of stores in the coming weeks and is actively exploring options to provide customers with discounted services and special product buys leading up to the official grand opening.
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May 15, 2020 at 03:40AM
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Love’s Furniture to reopen 17 Art Van stores in Michigan - MLive.com
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