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Loves Furniture points fingers over financial problems, bankruptcy

Loves Furniture points fingers over financial problems, bankruptcy
In new documents filed in U.S. Bankruptcy Court, Loves Furniture said warehousing and delivery problems led to bad customer experiences, canceled orders and ultimately the company s financial distress.
Before the company s Jan. 6 Chapter 11 filing, Loves public statements mostly blamed its financial challenges on industry-wide supply disruptions caused by the COVID-19 pandemic that left the company s stores with low inventory during a time of high consumer demand.
Loves Furniture is the newly created company that took over many shuttered Art Van Furniture locations last summer in the wake of Art Van s surprise March 2020 liquidation bankruptcy. Loves started off with 34 stores in Michigan, Ohio and Pennsylvania and about 500 employees. It will soon be down to 13 stores, all but one in Michigan. ....

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Art Van successor Loves Furniture files for bankruptcy

Dive Brief:
Regional retailer Loves Furniture filed for Chapter 11 bankruptcy protection last week following multiple shipping problems and a dispute with a logistics provider, according to court papers.
The filing comes not long after Loves launched. The retailer was created last year to take over stores vacated by Art Van after that retailer liquidated in bankruptcy last spring.
Loves filed for Chapter 11 under an agreement with another furniture specialist to liquidate excess inventory and restructure around a smaller footprint after deciding to liquidate 13 stores in December.
Dive Insight:
Real estate veteran Jeff Love created Loves Furniture last year after two financial firms approached his company about starting up a new furniture retailer to fill spaces vacated by Art Van in its liquidation last spring. ....

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