Art Van Furniture Sold to Private Buyer
Art Van Furniture, which owns over 100 stores in five states, is being sold to a private equity firm -- Thomas H. Lee Partners of Boston. The Detroit-based retailer operates two stores in the Flint area.
The furniture chain employs about 3,500 people, and has reassured its workforce that "business won't change one iota," according to CBS Detroit. The Company's found, Art Van Elslander, says the sale is well timed, and will be final in February.
“The heartbeat of any organization is its people,” said Van Elslander in a news release. “I am proud of Art Van Furniture’s history and what we have accomplished. The time for an ownership transition is right and the opportunity presented itself. There is still much I want to do, and I feel confident knowing the company and its people will be in the very best of hands for continued growth and success.”
Terms of the sale were not disclosed.