Warren, Mich.-based Art Van Furniture Inc. halted store sales on March 19 and expedited a mass layoff as coronavirus began to grip the region, but it might not be the end for the Art Van brand after all, Crain's Detroit Business reported. Gary Van Elslander on Wednesday submitted a bid to buy the Art Van brand name and trademark. The bottom fell out swiftly for Art Van Furniture Inc. earlier this month. It filed for chapter 11 protection on March 9 and announced its liquidation would last around two months. Operations across all its stores ended abruptly 10 days later as the coronavirus outbreak took hold of the region. Art Van Furniture was acquired in 2017 by Boston-based private equity firm Thomas H. Lee Partners LP for an estimated $550 million. The Art Van trademark is owned by its creditors Hilco Merchant Resources LLC, based in Illinois, and FS KKR Capital Corp., based in Pennsylvania. Any purchase would need to go through the bankruptcy approval process, expected to wrap up around the end of April. Van Elslander's bid was for less than $1 million. The exact amount was not disclosed but will eventually be made public as part of the bankruptcy proceeding records.
