Meredith Spelbring, Detroit Free Press
Michigan-based furniture retailer Art Van Furniture’s private equity owner is reportedly exploring options of sale and filing for bankruptcy.
Private equity firm Thomas H. Lee Partners LP is in the process of working with advisers and creditors to find a possible buyer for the company and potentially filing for Chapter 11 bankruptcy, according to a report from Crain’s Detroit Business.
Art Van Vice President of Communications Diane Charles confirmed the company is in negotiations.
“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,” Charles said in a statement to the Free Press. “It is premature at this time to comment further as no final decisions have been made. In the meantime, our stores are open, and it is business as usual.”
Representatives Thomas H. Lee Partners LP could not immediately be reached for comment by the Free Press.
The firm out of Boston bought the company after 58 years of ownership from owner and founder Art Van Elslander in 2017 for a reported $550 million.