Art Van Furniture's private-equity owner is exploring options that could include a sale and potential chapter 11 protection for the retailer as it struggles with disruption in the furniture business, Crain's Detroit Business reported. Thomas H. Lee Partners LP, which acquired the Warren, Mich.-based retailer in 2017 for an estimated $550 million, is working with advisers and creditors to find a buyer, which could include the family of its late founder, Art Van Elslander. "We are actively exploring a variety of options with our creditors, investors and landlords to ensure Art Van can continue serving our guests and our communities," said Diane Charles, vice president of communications for Art Van. "It is premature at this time to comment further as no final decisions have been made. In the meantime, our stores are open and it's as business usual." The Van Elslander family, led by Art Van Furniture Chairman Gary Van Elslander, has prepared an offer for the firm to be the stalking-horse bidder in a chapter 11 reorganization plan. It is unclear whether other potential buyers are in discussions. A decision on Art Van's future could happen as early as this week.
