Loves Furniture Inc., the upstart furniture retailer that acquired more than two dozen Art Van stores out of bankruptcy only eight months ago, filed for chapter 11 protection in Detroit on Wednesday, Crain's Detroit Business reported. The reorganization comes only weeks after the Warren, Mich.-based retailer began liquidating 10 stores across Michigan. The retailer has been plagued with financial troubles since acquiring assets and leases of 27 total Art Van stores out of U.S. Bankruptcy Court in Delaware for $6.9 million in May last year. The liquidation effort led by CEO Mack Peters, who was hired last month, quickly failed as debt continued to mount and poor performance dragged down the brand. Peters told Crain's in December that Loves was struggling with supply chain issues and couldn't continue servicing the company's stable of stores. Loves already turned over all five of its Pennsylvania stores to new owners as well as its Westland and Ann Arbor stores to competitors. The closure of more stores was then being discussed, Peters said.
