From Home Furnishing Business
Art Van Files for Bankruptcy
Detroit-based Art Van Furniture has filed for bankruptcy following its announcement last week of plans to close and liquidate all company-owned stores, according to a report from the Detroit Free Press.
Art Van has 169 stores and roughly 3,000 employees. Liabilities are estimated at $100 million to $500 million with 50,000 to 100,000 creditors.
The company has been owned since March 2017 by the Boston-based private-equity firm Thomas H. Lee Partners.
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