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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. ....
Loves Furniture files Chapter 11 bankruptcy 8 months after acquiring Art Van assets Beth Reeber Valone/Crain s Detroit Business Loves Furniture s Royal Oak store was one of the Art Van locations acquired by the company. Loves Furniture Inc., the upstart furniture retailer that acquired more than two dozen Art Van stores out of bankruptcy only eight months ago, filed Chapter 11 bankruptcy in Detroit late Wednesday. The reorganization comes only weeks after the Warren-based retailer began liquidating 10 stores across Michigan. The retailer has been plagued with financial troubles since acquiring assets and leases of 27 total Art Van stores out of U.S. Bankruptcy Court in Delaware for $6.9 million in May last year. ....
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. ....
Loves Furniture & Mattresses to close Dearborn location after the holidays pressandguide.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pressandguide.com Daily Mail and Mail on Sunday newspapers.