Art Van Exploring Sale, Possible Bankruptcy Filing

The private equity owner of Michigan-based Art Van Furniture could be exploring options to sell and file for bankruptcy.

Crain’s Detroit Business reports Thomas H. Lee Partners is working to find a possible buyer.

Art Van confirmed to Crain’s that they’re exploring a “variety of options” to ensure the company can continue serving the community.

The firm bought Art Van from its founder back in 2017 for a reported $550 million.

Art Van operates both a furniture store and PureSleep store in Traverse City and Mount Pleasant.

They operate furniture-only stores in Cadillac, Gaylord, Petoskey, and Sault Ste. Marie.