New Company Buys Local Art Van Locations
There’s a new furniture retailer in Michigan. Word broke yesterday on the story. More substantive details are coming to light overnight. The new venture is buying up 17 former Art Van locations in the state, including the former Art Van stores in Battle Creek, and in Portage.
The new Loves Furniture is buying a total of 27 former Art Van, Wolf, and Levin furniture stores across six states. Headquarters for the new Loves Furniture is in suburban Detroit. Investor Jeff Loves got the company up and running earlier this year. He is the CEO of Texas-based US Assets. The company plans to hire as many as 1,000 employees.
Some former Art Van employees have a shot at new jobs with Loves. The anticipated purchase price for the 27 furniture stores is just under $7 million. That's an average of $260,000 per store. It’s too early to predict potential opening dates for the stores, especially considering the ongoing virus shutdown order that remains in effect from Democratic Governor Gretchen Whitmer. But the company is optimistic and enthusiastic about future business prospects.