ST. LOUIS — Art Van Furniture is exploring filing bankruptcy, Crain's Detroit Business reported last week. The retailer has five stores in the St. Louis area, which it acquired from franchisee Jay Steinback, the Business Journal reported last year.
Art Van's owner, private equity firm Thomas H. Lee Partners LP, is working with advisers and creditors to find a possible buyer for the company and potentially filing Chapter 11 bankruptcy.
"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," a company spokesperson told the Detroit Free Press. "It is premature at this time to comment further as no final decision have been made. In the meantime, our stores are open, and it is business as usual."
In September 2017, Steinback said he would close the family owned Rothman Furniture firm after 90 years in business. By November, Steinback said he would convert several Rothman stores into Art Van Furniture, representing an $11 million investment in renovations. It was the largest franchise agreement in Art Van's history, officials said. Terms of the sale that turned the stores into corporate locations weren't disclosed.
The company was founded in 1959 by Art Van Elslander in Detroit. Art Van was sold to the Boston-based private equity firm Thomas H. Lee Partners in early 2017. At that time, it had more than 100 stores.
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