KALAMAZOO, MI (WKZO AM/FM) – Less than six months after it began reopening former Art Van Furniture stores, Loves Furniture and Mattresses stores are now slated for liquidation after the company filed for bankruptcy this week, according to the Detroit Free Press reports.
Once Art Van filed for Chapter 11 bankruptcy protection in March 2020, US Assets Inc., whose founder and CEO is named Jeff Love, purchased 37 former Art Van, and Levin and Wolf stores. Loves Furniture stores began opening in late summer 2020.
Prior to bankruptcy, Loves announced it would close most of the 32 stores it had opened, keeping 12 in Michigan and one in Ohio. Stores in Portage, Battle Creek, Jackson, and Comstock Park had remained open at that point.
According to the Detroit Free Press, the bankruptcy filing shows Loves has 100-199 creditors and $10 million to $50 million in liabilities. Liquidation sales at the remaining 13 stores are likely. The company may also seek a new owner for those locations, the newspaper reports.
