GRAND RAPIDS, Mich. — U.S. Assets Inc. and Love’s Furniture Inc. announced Tuesday that a deal has been approved by the U.S Bankruptcy Court that gives them the inventory and assets of 27 former Art Van Furniture, Levin Furniture and Wolf Furniture stores. 17 of the 27 stores are in Michigan.
U.S Assets reportedly acquired the 27 stores for $6.7 million in cash. The sold locations are scheduled to open under the new Love’s Furniture brand in early June.
“Today’s acquisition of these locations across the Midwest and Mid-Atlantic regions represents a tremendous milestone for our company, our associates and for the communities that we serve,” said CEO of Loves Furniture Matthew Damiani. “We are thrilled to announce an exciting new retail option for customers in these markets who have been looking for a more modern shopping experience.”
Love’s Furniture will be headquartered in Metro Detroit, reportedly providing over 1,000 new employment opportunities across the region.
The acquired Michigan locations include stores in Ann Arbor, Battle Creek, Bay City, Burton, Howell, Livonia, Muskegon, Petoskey, Portage, Port Huron, Royal Oak, Saginaw, Shelby Township, Taylor, Warren, Waterford Township and Westland.
“We understand the difficulties facing our communities in the face of the coronavirus pandemic,” said Damiani. “Our leadership team lives in the same cities and towns we serve. For us, it is a point of pride and hope that we have this opportunity to help put many of our talented neighbors back to work. We want to get up and running quickly.”
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