Loves Furniture files for bankruptcy, cites pandemic among reasons
and last updated 2021-01-07 11:25:21-05
WARREN, Mich. â Loves Furniture has filed for bankruptcy, court records show.
The companyâs current assets are valued at $10-15 million.
Its Board of Directors cited the ongoing coronavirus pandemic, government restrictions on business operations, a need for more operational financing and creditorsâ demands as reasons for the filing.
Formed in April 2020, Loves Furniture acquired 27 Art Van stores across Michigan, Pennsylvania, Ohio, Illinois, Virginia and Maryland.
It also opened or acquired 13 more locations between May and October of last year.
Read the bankruptcy filing here.
Newly Formed Loves Furniture Hit With Lawsuit
Loves Furniture made a big splash when it announced its formation last year and then quickly bought up the bankrupt Art Van Furniture locations around the region. Loves corporate offices are in suburban Detroit. The parent company, U.S. Assets, is a private equity firm and located in Dallas. Loves was able to reopen many of the former Art Van stores in the region including locations in Battle Creek, Portage, Jackson, and more than a dozen others.
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Now the company is in the process of closing several stores in Michigan. Last month, Loves CEO Mack Peters admitted to some issues getting supplier invoices paid. Part of the reason he said was a shortage of product to be able to sell to customers at its stores. At least one supplier is tired of waiting and is filing a lawsuit to get paid. Fusion Furniture and its parent company, Southern Motion, are filing a federal suit demanding payment for nea
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Nate Smallwood | Tribune-Review
Live! Casino’s sports viewing area on their opening day at the Westmoreland Mall in Greensburg on Nov. 24, 2020.
Nate Smallwood | Tribune-Review
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Loves Furniture’s two stores on Main Street, Mt. Pleasant, have closed. on Tuesday, Dec. 8, 2020. Robert Levin of Levin Furniture has bought the stores from Loves Furniture of Warren, Mich., and plans to have them reopened as Levin stores, possibly in February.
Warehouse employees cheer as Levin Furniture owner Robert Levin returns from a two year hiatus, at the company headquarters in Fitz Henry South Huntingdon Township on Friday, March 6, 2020.
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