Love s Furniture, the modern furniture store that took over after Art Van stores closed, is already filing for bankruptcy after less than a year in business.
The Detroit Free Press reports that the company filed Chapter 11 bankruptcy in Detroit this week. The company acquired Art Van in May 2020 and started opening stores across the state over the summer. In total they were operating 32 stores in three states and now will be keeping only 13 open total 12 in Michigan and one in Ohio.
Love s opened their Muskegon location just three months ago and it will be one of the ones to go. The Grand Rapids store on 28th St. will remain open. The only other West Michigan location is in Portage and that too will stick around. A liquidation company will take over the rest to conduct going-out-business sales. Ironically, some of those buildings still have grand opening signs.
The Love s Furniture location at 550 Ring Rd
Portage, MI (courtesy of Love s Furniture)
KALAMAZOO, MI (WKZO AM/FM) – Less than six months after it began reopening former Art Van Furniture stores, Loves Furniture and Mattresses stores are now slated for liquidation after the company filed for bankruptcy this week, according to the Detroit Free Press reports.
Once Art Van filed for Chapter 11 bankruptcy protection in March 2020, US Assets Inc., whose founder and CEO is named Jeff Love, purchased 37 former Art Van, and Levin and Wolf stores. Loves Furniture stores began opening in late summer 2020.
Prior to bankruptcy, Loves announced it would close most of the 32 stores it had opened, keeping 12 in Michigan and one in Ohio. Stores in Portage, Battle Creek, Jackson, and Comstock Park had remained open at that point.
Loves Furniture files for bankruptcy after acquiring former Art Van locations
File photo
and last updated 2021-01-07 13:32:24-05
(WXYZ) â Loves Furniture, which acquired several former Art Van Furniture locations, has filed for bankruptcy.
According to court filings, the company was formed on April 2, 2020. On May 8, 2020, the company acquired 27 Art Van stores across Michigan, Pennsylvania, Ohio, Illinois, Virginia and Maryland.
The company also opened or acquired 13 more locations between May 29 and October 7, 2020.
According to court filings, the company is filing for bankruptcy due to the pandemic, government restrictions on business operations, the need for additional operational financing and more.
The initial bankruptcy document offered few details about Loves Furniture s problems, but said the company has between 100 and 199 creditors and $10 million to $50 million in liabilities.
According to Loves bankruptcy attorney, the company is looking to keep open its remaining 13 stores and bring in a liquidation company to run going-out-of-business sales for unsold furniture. Some of those stores still display grand opening banners.
Loves Furniture would then seek a new owner for the stores as part of the bankruptcy process, according to attorney Max Newman of Butzel Long. More details about Loves Furniture s plans could be released later in the day.
The initial bankruptcy document offered few details about Loves Furniture s problems, but said the company has between 100 and 199 creditors and $10 million to $50 million in liabilities.
According to Loves bankruptcy attorney, the company is looking to keep open its remaining 13 stores and bring in a liquidation company to run going-out-of-business sales for unsold furniture. Some of those stores still display grand opening banners.
Loves Furniture would then seek a new owner for the stores as part of the bankruptcy process, according to attorney Max Newman of Butzel Long. More details about Loves Furniture s plans could be released later in the day.