The 55-year-old business plans to grow in the next three to five years from an eight-restaurant regional chain in Illinois to about 50 restaurants in the Midwest and Southeast.
Jan 13, 2021
WARREN Loves Furniture, which in May acquired the former Levin Furniture stores in the Mahoning and Shenango valleys, has filed for Chapter 11 bankruptcy, and the three area stores are going out of business.
The stores in Niles, Boardman and Hermitage, Pa., are among 13 locations selling off their merchandise in a deal Loves struck with Connecticut-based Planned Furniture Promotions (PFP) in December.
Michigan-based Loves, owned by US Assets Inc. in Dallas, purchased 27 former Levin Furniture, Art Van Furniture and Wolf Furniture stores from Art Van Furniture LLC with plans to rebrand them Loves Furniture, but quickly ran into financial trouble.
A Loves Furniture & Mattresses location in Canton, Mich.
Warren, Mich. Loves Furniture & Mattresses, owned by Dallas-based private equity firm U.S. Assets Inc., filed for Chapter 11 bankruptcy protection in early January amid struggles brought on by the COVID-19 pandemic.
Loves was formed in April of this year and acquired 27 Art Van Furniture locations across Michigan, Pennsylvania, Ohio, Illinois, Virginia and Maryland in May. That deal did not include the stores’ underlying real estate, which had already been sold off, according to reports by the
Detroit Free Press. The company also opened or acquired 13 additional locations between May and October of 2020 in Michigan, Ohio and Pennsylvania.
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.