The furniture retailer seemed like a hero in 2020 when it moved in when Art Van had financial problems, but now it has financial issues of its own and closed a number of Michigan locations that had opened months ago.
What does this mean for customers?
It depends. If you’re a customer who has paid and haven’t received furniture yet, you should call your bank or credit card company immediately.
The Better Business Bureau said the situation is problematic for those who received their furniture, but may have a warranty. If that group includes you, don’t expect that warranty to mean much.
Loves Furniture put blame on the COVID pandemic and the slow down of shipments from overseas. While that may be true, the new revelations of major financial problems won’t help the situation for many.
In the bankruptcy filing, Loves revealed it has between 100-200 creditors and owes $10 million to $50 million.