Markets
DOW
S&P 500
NASDAQ
Hot Stocks
Fear & Greed Index
----- is driving the US market
Latest Market News
----- is driving the US market
Something isn't loading properly. Please check back later.
Ad Feedback
By Alicia Wallace, CNN Business
2 minute read
Published 6:59 PM EST, Thu March 5, 2020
Video Ad Feedback
The 'retail apocalypse,' explained
04:29 - Source: CNN Business
Top business news 16 videos
Video Ad Feedback
The 'retail apocalypse,' explained
04:29
Now playing
- Source: CNN Business
Video Ad Feedback
How to craft the perfect maternity leave out of office message
01:33
Now playing
- Source: CNN
Video Ad Feedback
CNN writer explains how Microsoft's new AI model works
02:20
Now playing
- Source: CNN
Video Ad Feedback
Toyota sells only two electric vehicles. Executive insists they're not holding back
02:21
Now playing
- Source: CNN
Video Ad Feedback
An implant in his brain lets him do incredible tasks with his thoughts
05:37
Now playing
- Source: CNN
Video Ad Feedback
'We're cooking our cities': These drones map 150-degree temperatures in urban areas
03:43
Now playing
- Source: CNN
Video Ad Feedback
Costco is running out of gold bars to sell. Financial expert reacts
01:22
Now playing
- Source: CNN
Video Ad Feedback
The price of chocolate is soaring. Here's why
01:18
Now playing
- Source: CNN
Video Ad Feedback
As college cost passes $90K, 'the middle class is losing ground'
04:17
Now playing
- Source: CNN
Video Ad Feedback
'Million Dollar Listing LA' star reveals how clients are insuring homes amid rising rates
00:59
Now playing
- Source: CNN
Video Ad Feedback
Apple co-founder calls out 'hypocrisy' of politicians calling for TikTok ban
02:06
Now playing
- Source: CNN
Video Ad Feedback
Donald Trump may be on the verge of a massive financial win
02:52
Now playing
- Source: CNN
Video Ad Feedback
See why some Chinese people are boycotting a popular brand
02:10
Now playing
- Source: CNN
Video Ad Feedback
The stock market set a new record. Here's what that means for the economy
02:06
Now playing
- Source: CNN
Video Ad Feedback
Why you should think twice before buying a new phone
02:16
Now playing
- Source: CNN
Video Ad Feedback
Real estate CEO says Trump could sell Mar-a-Lago 'quickly' to secure $464 million bond
01:10
Now playing
- Source: CNN
San Francisco CNN Business —
Venerable Midwest furniture retailer Art Van Furniture will be closing and liquidating its stores, the company announced Thursday.
AVF Holdings, which is owned by private equity firm Thomas H. Lee Partners, will shutter its company-owned stores in Michigan, Illinois, Indiana, Maryland, Missouri, Ohio and Virginia. The company’s stores include Art Van Furniture, Art Van PureSleep, Scott Shuptrine Interiors and Wolf Furniture.
Liquidation sales are expected to begin Friday. About 3,100 employees are expected to lose their jobs, according to The Detroit News.
Art Van Furniture & Outlet in Genoa Township, shown Monday, Aug. 26, 2019, is one of five Art Van properties for sale for $56.55 million under a master lease.Img 3648
“Despite our best efforts to remain open, the company’s brands and operating performance have been hit hard by a challenging retail environment,” Diane Charles, Art Van Furniture’s spokesperson, said in the announcement. “We recognize the extraordinary retail, community and philanthropic legacies that Art Van Furniture has built for decades in the community.”
The company’s roots stretch back to 1959 when Archie A. Van Elslander opened a 4,000-square-foot furniture shop in east Detroit. The business he named Art Van eventually become a 176-store chain spanning nine states and a franchise operation of 20 stores.
Elslander sold Art Van Furniture to Thomas H. Lee Partners in 2017, a year before he passed away.
Thomas H. Lee Partners sought to grow Art Van Furniture by acquiring the Levin Furniture and Wolf Furniture chains in Pennsylvania, according to a report by Crain’s Chicago Business, which noted that as Art Van Furniture expanded, it faced increasing competition from online competitors such as Wayfair, Casper and Tuft & Needle.
Last month, Crain’s Detroit Business reported that Thomas H. Lee Partners was weighing a possible sale and Chapter 11 filing for the chain.
Thomas H. Lee Partners, AVF Holdings did not return CNN Business’ requests for comment.
Related
Ad Feedback
Ad Feedback
CNN Business Videos
Ad Feedback
Ad Feedback
