A new player has entered the furniture store market through an acquisition.
The new Loves Furniture brand has bought the inventory and assets of 27 Art Van Furniture, Levin Furniture and Wolf Furniture stores. The Michigan, Pennsylvania, Ohio, Illinois, Virginia and Maryland locations are renamed and opened under the Loves Furniture banner. (The Art Van Furniture with 167 branches applied for bankruptcy protection according to Chapter 11 on March 8th after a liquidity crisis.)
“Today’s acquisition of these Midwestern and Mid-Atlantic locations marks a tremendous milestone for our company, our employees and the communities we serve,” said Matthew Damiani, CEO of Loves Furniture (and former Art Van manager). owned by US Assets, Dallas.
Loves Furniture was founded earlier this year by entrepreneur and investor Jeff Love and tries to differentiate itself through a “more personal shopping experience where the customer comes first”.
“Our mission is to provide stylish products, authentic advice and a simple experience to our customers as we build comfortable spaces together,” said Love, company president. “We look forward to bringing a brand new range of furniture and mattresses to market soon. Our excitement to open these 27 locations is just the beginning as we are already looking for ways to grow our new brand with a much larger presence and to expand. “”
Loves Furniture will be headquartered in the Detroit metropolitan area. To date, the company has hired around 30 employees – the majority of Art Van Furniture’s former executives. It is expected that more than 1,000 people will be employed in the region.