'Actively exploring options’ -- Art Van Furniture could file for Chapter 11 bankruptcy

Company was sold to a private equity firm in 2017

WARREN, Mich. – The Warren-based furniture chain Art Van Furniture may be filing for bankruptcy.

UPDATE: Art Van Furniture to close all stores; liquidation sales begin March 6

According to Crain’s Detroit, the private equity owner is looking for a possible buyer for the company and might file for Chapter 11 bankruptcy. A decision could come as early as next week.

The Boston-based Thomas H. Lee Partners bought the company in 2017.

A representative for Art Van Furniture told Local 4, “We are actively exploring a variety of options with our creditors, investors and landlords to ensure Art Van can continue serving our guests and our communities. It is premature at this time to comment further as no final decisions have been made. In the meantime, our stores are open, and it is business as usual."

News Brief, 2/15/2020, 11 p.m. Update

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