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Family of Late Art Van Furniture Founder Buys Back Brand Name The Van Elslander is taking the steps to preserve the legacy and name synonymous with Detroit for decades. From the furniture stores, to their community philanthropic efforts, to even the Detroit Thanksgiving Parade, Art Van Furniture was a part of Michigan for as long as many can remember. Now, four years after the family patriarch sold the furniture company to a private-equity firm, the heirs of Archie “Art” Van Elslander have bought back legal rights to the Art Van Furniture name. The move comes only a year since the new owners of the company went bankrupt and began closing all of its nearly 200 stores. The liquidation was handled by American Signature, the parent company of Value City Furniture. ....
Van Elslander family pays $6 million to buy the Art Van name back Annalise Frank/Crain s Detroit Business Art Van s furniture stores are no more, but the family has bought back the brand name out of the bankruptcy of the company to which it had sold the chain. The Van Elslander family successfully acquired the Art Van Furniture name out of bankruptcy this month. A Delaware bankruptcy judge approved the roughly $6 million sale of the name to VEC LLC, an investment firm controlled by Gary Van Elslander the son of the late founder Art Van Elslander and the family office, on Feb. 1 as part of the company s ongoing liquidation, according to court records. The family had been seeking the legal rights to the name since Art Van entered bankruptcy in early March 2020. ....
Family of late Art Van founder buys brand name out of bankruptcy crainsdetroit.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from crainsdetroit.com Daily Mail and Mail on Sunday newspapers.
9 Retailers That Are Closing Stores In January 2021 01/28/21 AT 8:24 AM The coronavirus pandemic continues to negatively impact the retail sector, with several companies announcing in January that they were closing stores as foot traffic waned and sales declined. The consumer shift to online shopping during stay-at-home orders only further compounded the financial pressure these retailers were under, making it necessary to shutter locations to stay afloat or, in some cases, file for bankruptcy protection. According to a report from Coresight Research (via CNBC), there could be up to 10,000 store closures in the U.S. this year, setting a new record amid the pandemic as retailers realign their brick-and-mortar portfolios to remain open for business. ....
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. ....