Who owns Art Van Furniture?
Who is Art Van's CEO?
Who acted as financial advisor to Art Van Furniture?
When did Simmons buy Stanley?
About this website
Who bought out Art Van?
The Archie A. Van Elslander trust received $529 million from the sale, according to the lawsuit, and entities controlled by heirs received more than $75 million. Another $8 million went to Gary Van Elslander, $2.5 million to David Van Elslander and $6 million to former chief executive officer Richard Kim Yost.
Is Art Van Furniture out of business?
Art Van Furniture filed for what became a Chapter 7 liquidation bankruptcy in early March 2020, just as the COVID-19 pandemic arrived in Michigan. Nearly 190 Art Van stores closed and roughly 3,000 workers in nine states lost jobs.
Who Bought Art Van in Michigan?
In March 2017, Art Van was acquired by private equity firm Thomas H. Lee Partners (THL) for $617 million.
Who bought the Art Van warehouse?
Art Van Furniture sold the Warren complex in 2017 to a real estate firm. It was one of a series of sale-lease back deals for Art Van stores that were part of the furniture company's sale that year to private-equity firm Thomas H. Lee Partners.
What will happen to my Art Van warranty?
Art Van Furniture warranties to be defunct after company goes out of business. Published: Mar. 05, 2020, 3:23 p.m.
Why is Art Van closing?
Many of the old Art Van stores were later reborn in late summer and early fall as Loves Furniture, an entirely new company created by a Texas private-equity firm. But Loves encountered a slew of setbacks, including expensive warehouse and logistical problems, and filed for Chapter 11 bankruptcy Jan. 6.
Is the Detroit sofa company still in business?
Breaking News: the Detroit Sofa Company is now in select Art Van Furniture stores!
How many children did Art Van have?
ten childrenToday, the company operates 100 stores throughout Michigan, Illinois, Ohio, and Indiana. Van Elslander is survived by his ten children, wife Mary Ann, several grand children and great grand children.
What brands did Art Van Furniture sell?
Brands such as Natuzzi, La-Z-Boy, Modus, Ashley, and Pallisner will be discounted. American Signature Inc. also will sell Art Van products at several of the brands' Value City locations.
Is Gardner White family-owned?
Gardner-White Furniture has been in business since 1912, and as the world of retail drastically changed, we have remained family-owned and operated, and dedicated to being headquartered in Michigan.
Who owns Gardner White?
For nearly a decade, Rachel Tronstein Stewart has been the president of Gardner-White Furniture, a more than 100-year-old, Michigan-based, family-owned furniture retailer. She currently works alongside her parents, Steve and Barb, as the fourth generation at Gardner-White.
How long has Gardner White been in business?
Gardner-White Furniture Company Inc. is an American furniture retailer. Founded in 1912, Gardner White Furniture Co. is based in Auburn Hills, Michigan.
What brands did Art Van Furniture sell?
Brands such as Natuzzi, La-Z-Boy, Modus, Ashley, and Pallisner will be discounted. American Signature Inc. also will sell Art Van products at several of the brands' Value City locations.
Is Detroit sofa company still in business?
Breaking News: the Detroit Sofa Company is now in select Art Van Furniture stores!
How many children did Art Van have?
ten childrenToday, the company operates 100 stores throughout Michigan, Illinois, Ohio, and Indiana. Van Elslander is survived by his ten children, wife Mary Ann, several grand children and great grand children.
When did Art Van open?
1959, Eastpointe, MIArt Van Furniture / Founded
Who sold Art Van furniture?
Elslander sold Art Van Furniture to Thomas H. Lee Partners in 2017, a year before he passed away.
How many stores does Art Van have?
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.
How many employees are losing their jobs at Art Van Furniture?
About 3,100 employees are expected to lose their jobs, according to The Detroit News. "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, ...
Is Art Van furniture closing?
San Francisco (CNN Business) Venerable Midwest furniture retailer Art Van Furniture will be closing and liquid ating 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.
Who is Art Van?
Archie "Art" Van Elslander founded Art Van in 1959, opening his first store in East Detroit . Van Elslander's furniture first business was a 4,000 square-foot space on Gratiot Avenue and 10 Mile Road. He expanded to three stores in that same year, and a fourth store opened in 1960. His first employee was not hired until this time. Art Vans Furniture (later changed to Art Van Furniture) opened with mostly modern and Danish-style furniture.
What is Art Van Furniture?
www.artvan.com (offline) Art Van Furniture Inc. was an American furniture retail store chain. Founded in 1959, the company was headquartered in Warren, Michigan in Metro Detroit. In 2020, the company closed all its stores and filed for bankruptcy.
Where is Art Van Furniture located?
Art Van Furniture Inc. was an American furniture retail store chain. Founded in 1959, the company was headquartered in Warren, Michigan in Metro Detroit. In 2020, the company closed all its stores and filed for bankruptcy.
When did Love's Furniture and Mattress go bankrupt?
In May 2020, Love's Furniture & Mattress assumed control of many of the former locations. However, soon after Love's filed for bankruptcy in December 2020 and began liquidation sales at all stores. All stores were closed in 3 phases with 2 of them occurring in May and the last one that closed them all on Sunday, June 27th, 2021 officially marking the end of era for Art Van and Love's Furniture & Mattress.
How long will Art Van be owned?
Art Van's new owner is unlikely to be its owner for the next 58 years. Pat O'Keefe, CEO of the Bloomfield Hills-based O'Keefe consulting firm, said private equity firms typically hold a new acquisition for about five to 10 years before putting the company up for sale again.
Who owns Art Van furniture?
Art Van Furniture will sell itself to a private equity firm after 58 years of ownership by its founder. The Warren-based retailer on Wednesday announced a tentative deal to sell to Thomas H. Lee Partners, a private equity firm in Boston.
Who is the CEO of Art Van?
The company's current executive team will stay on after the sale, including Art Van CEO Kim Yost, president Gary Van Elslander and David Van Elslander, the president of Art Van PureSleep. "I am proud of Art Van Furniture’s history and what we have accomplished," Art Van Elslander said in a statement. "The time for an ownership transition is right ...
When was Art Van Furniture founded?
Art Van Furniture was started in 1959 with a single store on Gratiot Avenue in what is now Eastpointe. Founder Art Van Elslander, 86, has remained the chairman and sole shareholder of the furniture and bedding company.
How many Art Van stores are there in Detroit?
Art Van has been everywhere in Metro Detroit -- on television with advertisements day and night, at 200 store locations and through 5,000 employees. This will all end soon, because a new owner from outside the family crashed spectacularly into the rocks.
Is Art Van closing stores?
Warren-based furniture chain Art Van Furniture is planning to close all stores in Michigan, Illinois, Indiana, Missouri, and Ohio.
Who owns Art Van furniture?
The heirs of Archie Van Elslander have bought back legal rights to the Art Van Furniture name, four years after the family patriarch sold the furniture company to a private-equity firm and nearly a year since the company went bankrupt and began closing all of its nearly 200 stores. Gary Van Elslander, son of the company's late founder ...
How old was Art Van Eslander when he died?
Art Van Eslander died a year later at age 87.
Is Art Van furniture still in liquidation?
The sale was approved Feb. 1 by a bankruptcy court judge overseeing Art Van Furniture's still-ongoing liquidation case. A VEC representative declined to give an interview about the family's future plans — if any — for use of the Art Van Furniture brand, but issued a statement: "The Art Van Furniture name was part of the Van Elslander family ...
Is Art Van still in bankruptcy?
More: Art Van Furniture files for Chapter 11 bankruptcy, could still face liquidation. The last remaining Art Van Furniture stores closed last year with everything-must-go sales that were put on by American Signature, the parent company of Value City Furniture.
Is Gary Van Elslander a non-solicitation?
However, he did state that as part of the naming rights purchase, his family is released from any past noncompete and non-solicitation agreements.
Who owns Art Van Furniture?
WARREN, Mich. — Art Van Furniture has reached a deal to sell the Top 100 company to private equity firm Thomas H. Lee Partners, after 58 years under one owner and recent years of aggressive expansion.
Who is Art Van's CEO?
Art Van’s current leadership, including CEO Kim Yost “will work closely with THL to continue to enhance organizational growth and the brand’s plans for the future,” the retailer said in a release.
Who acted as financial advisor to Art Van Furniture?
RBC Capital Markets acted as financial advisor to Art Van Furniture in connection with the transaction. Goldman, Sachs & CO acted as financial advisor to THL.
When did Simmons buy Stanley?
The private equity firm has been involved in the furniture industry before: as a previous owner of bedding producer Simmons, which it agreed to acquire in late 2003 in a $1.1 billion deal, and Stanley, for which the firm led a leveraged buyout in early 1989, holding 95% of its shares until Stanley returned to the wider public market in 1993.
