DBusiness | July-August 2020

Page 48

Cover Story || Retail

Buy-In, Sellout When Art Van Furniture in Warren was sold to an East Coast equity firm in 2017, the new owners flipped the real estate, drained the talent, and cut back on a steady stream of popular commercials. How a $612-million retail powerhouse that took 58 years to build was destroyed in 36 months BY NORM SINCLAIR

EDITOR’S NOTE On May 12, Dallas-based U.S. Assets Inc. and Love’s Furniture Inc. announced they acquired the inventory and assets of 27 former Art Van Furniture, Levin Furniture, and Wolf Furniture stores in five states, 17 of which are in Michigan, according to a deal approved by the U.S. Bankruptcy Court. The stores are expected to reopen this summer.

48 DBUSINESS || July - August 2020