Local Art Van to remain open despite company’s private equity owner exploring sale, bankruptcy
MARQUETTE — Despite reports of Michigan-based furniture retailer Art Van Furniture’s private equity owner looking into potential sale and bankruptcy options, the Art Van store located in Marquette Township will not be impacted, officials said.
“Contrary to many rumors, the events at Art Van Corporate in Warren, Michigan have no effect on operations here. The owners have been blessed with the opportunity to serve the home furnishings and appliance needs of Marquette and its surrounding communities for over 49 years and will continue to do so for many years to come,” Tammy M. Bonovich, business manager for the local Art Van store, said in an email statement to The Mining Journal.
Art Van Furniture of Marquette is a family-owned and operated franchise store, owned by area residents Steve Anderson and Jeff Palomaki.
The Detriot Free Press and Crain’s Detriot business have reported that Thomas H. Lee Partners LP private equity is currently working with advisors and creditors to find a buyer for the Art Van company, which could potentially file for Chapter 11 bankruptcy.
Jackie Jahfetson can be reached at 906-228-2500, ext. 248. Her email address is firstname.lastname@example.org.