Large opening banners are still fluttering outside some Loves Furniture stores that are now being put up for liquidation after the company filed for bankruptcy this week – less than six months after the former Art Van Furniture stores reopened, Detroit Free Press reports.
It’s less than a year since Art Van’s bankruptcy, which led to liquidation in all its stores. The Michigan-based company, founded in the 1950s, was a leading retailer in the Midwest.
Over the summer, US Assets Inc., whose founder and CEO Jeff Jeff is named, bought 37 former Art Van and Levin and Wolf stores. Loves Furniture Stores started in the late summer of 2020.
RELATED: Love furniture that invested millions to reopen 18 former Art Van stores in Michigan
Prior to the bankruptcy, Loves announced he would close most of the 32 stores he opened – 12 in Michigan and one in Ohio, according to the Freep.
According to the bankruptcy filing, Loves has 100-199 creditors and between $ 10 and $ 50 million in liabilities. Liquidation sales at the remaining 13 stores are likely. The company could also look for a new owner for those locations, the newspaper reported.
Art Van applied for protection against Chapter 11 in March 2020.
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