DOUG BERNSTEIN

WARREN, Mich. – Warren-based furniture chain Art Van Furniture is planning to close all stores in Michigan, Illinois, Indiana, Missouri, and Ohio. Art Van has been everywhere in Metro Detroit -- on television with advertisements day and night, at 200 store locations and through 5,000 employees. In 2017, Art Van Elslander sold his prized company to a Boston hedge fund -- Thomas H. Lee Partners of Boston. Plunkett Cooney lead bankruptcy counsel Doug Bernstein told Local 4 a lot of things went wrong. Bernstein said all you need to know about what happened with Art Van is found in remembering the Toys "R" Us bankruptcy.

A walk around Detroit today reveals a different world than five years ago, when the city was exiting bankruptcy. READ: Judge approves Detroits bankruptcy planRetired Judge Gerald Rosen said he gives the city an A+ for the changes it has made since 2014. Rosen help negotiate the deal that got the city out of bankruptcy. Detroits filing was the largest public filing in U.S. history. Local 4 bankruptcy expert Doug Bernstein said he doesnt believe the city would have seen the investment it has without the bankruptcy.