WE’LL TELL YOU WHERE THINGS STAND IN THAT RACE.
BUT WE DO BEGIN HERE AT NOON
WITH NEWS OF ART VAN.
A METRO DETROIT STAPLE
ANNOUNCING THAT IT IS
CLOSING ALL STORES.
EMPLOYEES ACTUALLY LEARNED
ABOUT THE SURPRISING
DECISION THIS MORNING AS THE
COMPANY KNOWN IN THE AREA
FOR DECADES IS LIQUIDATING.
ART VAN WAS BOUGHT BY A
BOSTON-BASED PRIVATE EQUITY
FIRM IN 2017.
TODAY THE COMPANY ANNOUNCED
IT WAS SHUTTING DOWN STORES
AND STARTING LIQUIDATION
SALES TOMORROW.
SALES TOMORROW. IT MIGHT DECLARE BANKRUPTCY
NEXT WEEK.
NEXT WEEK. OUR HANK WINCHESTER IS
OUTSIDE OF THE COMPANY
HEADQUARTERS IN WARREN.
HANK, THIS IS QUITE THE
SHOCK?
SHOCK? >> Reporter: IT CERTAINLY IS,
EVROD.
EVROD. A BIG SHOCK FOR EMPLOYEES
THIS MORNING, AND CUSTOMERS
MAKING THEIR WAY IN AND OUT
OF THE LOCATION HERE IN
WARREN.
WARREN. STUNNED TO HEAR THIS NEWS.
WE HAVE INFORMATION RIGHT
NOW ABOUT WHAT CAUSED THIS
FINANCIAL COLLAPSE FOR THE
COMPANY AND ALSO HOW THIS
COULD AFFECT THE GENERAL
CUSTOMER.
CUSTOMER. A LOT OF QUESTIONS REGARDING
WARRANTIES AND DELIVERIES.
ART VAN, A STAPLE IN THE
FABRIC OF DETROIT A
SUCCESSFUL FURNITURE GIANT
SINCE FIRST OPENING IN 1959,
ANNOUNCING TODAY THAT ALL
STORES WILL SOON CLOSE.
>> WE HAVE BEEN TRYING FOR
THE LAST MONTH TO WORK WITH
OUR CREDITORS, OUR LENDERS
AND EVERYONE TO WORK OUT
SOME KIND OF A DEAL AND IT
JUST DIDN’T COME TO PASS.
>> Reporter: DIANE CHARLES
IS THE COMPANY SPOKESPERSON.
SOME OF THE STORES MIGHT BE
SHUTTERED DOWN.
SHUTTERED DOWN. THE LARGER STORES IT WILL
TAKE 60 DAYS.
WE’LL HAVE QUESTIONS AND
ANSWERS ON OUR WEBSITE.
>> Reporter: LIQUIDATION
SALES WILL BEGIN IMMEDIATELY
AND WILL CONTINUE UNTIL ALL
THE STORES ARE CLOSED FOR
FOOD.
FOOD. AT THE WARREN LOCATION THE
SALES WILL CONTINUE THROUGH
APRIL.
APRIL. SHOPPERS HEARING THE NEWS
THIS MORNING.
THIS MORNING. I WILL STILL LOOK FOR
SOMETHING I NEED FOR MY
HOUSE.
HOUSE. >> SALES.
>> SALES. >> EXACTLY.
>> EXACTLY. >> Reporter: SO WHAT CAUSED
THE FINANCIAL COLLAPSE OF A
ONCE SUCCESSFUL COMPANY.
>> I THINK IT WAS A
COMBINATION OF A LOT OF
THINGS.
THINGS. NOT ONE THING.
IT BE HAS BEEN A FIERCE
RETAIL MARKET AND SOME
OPERATION ISSUES.
OPERATION ISSUES. >> Reporter: BACK OUT HERE
LIVE IN WARREN.
I KNOW A LOT OF PEOPLE HAVE
QUESTIONS ABOUT ITEMS THEY
MAY HAVE RECENTLY PURCHASED
OR WARRANTIES.
OR WARRANTIES. CUSTOMERS WHO MADE A RECENT
PURCHASE MADE THEIR WAY
INSIDE AND THEY WERE GAIN
FULL REFUND.
FULL REFUND. WE’RE GOING TO CONTINUE OUR
COVERAGE.
COVERAGE. WE’LL HAVE MUCH MORE NOT
ONLY ON-LINE BUT ALSO LIVE
HERE BEGINNING AT 4:00.
FOR NOW EVROD BACK TO YOU.
>> HANK WINCHESTER REPORTING