What does Art Van’s closure mean for America’s Thanksgiving Parade?

DETROIT – Art Van, the presenting sponsor of America’s Thanksgiving Parade, announced the closure of all its stores Thursday.

That announcement is raising questions about how it may affect the parade, a longstanding Detroit tradition.

The president of The Parade Company, Tony Michaels, said the parade will go on, and the Art Van closure will not jeopardize the event.

MORE: What to expect as Art Van going-out-of-business sales begin

“If ultimately we do lose this presenting sponsorship, we will seek out another great company to be the presenting sponsor of the parade,” he said. “Everyone just needs to know this parade’s going for many years to come. We’re on very solid ground.”

There are two years left on the contract between Art Van and The Parade Company. Michaels said it may be up to the courts to determine whether the investment company that owns Art Van will need to honor that investment.