AVF Holdings, which is owned by private equity firm Thomas H. Lee Partners, will close its corporate stores in Michigan, Illinois, Indiana, Maryland, Missouri, 39; Ohio and Virginia. Company stores include Art Van Furniture, Art Van PureSleep, Scott Shuptrine Interiors and Wolf Furniture.
Liquidation sales are expected to begin on Friday. About 3,100 employees are expected to lose their jobs, according to
The Detroit News.
"Despite our best efforts to stay open, the brands and operational performance of the company have been severely affected by a difficult retail environment," said Diane Charles, spokesperson for Art Van Furniture. , in the ad. "We recognize the extraordinary legacies of retail, the community and the philanthropy that Art Van Furniture has built for decades in the community."
The roots of the company go back to 1959
when Archie A. Van Elslander opened a 4,000 square foot furniture store in eastern Detroit. The business he named Art Van eventually became a chain of 176 stores in nine states and a franchise of 20 stores.
Elslander sold Art Van Furniture to Thomas H. Lee Partners in 2017, a year before his death.
Thomas H. Lee Partners sought to develop Art Van Furniture by acquiring Levin Furniture and Wolf Furniture chains in Pennsylvania, according to a report by
Crain & # 39; s Chicago Business, who noted that as Art Van Furniture grew, it faced increasing competition from online competitors such as Wayfair, Casper and Tuft & Needle .
Last month,
Crain & # 39; s Detroit Business reported that Thomas H. Lee Partners was weighing a possible sale and filing of Chapter 11 for the chain.
Thomas H. Lee Partners, AVF Holdings did not return CNN Business & # 39; requests for comments.
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