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  • WELL TELL YOU WHERE THINGS STAND IN THAT RACE.

  • STAND IN THAT RACE. BUT WE DO BEGIN HERE AT NOON

  • BUT WE DO BEGIN HERE AT NOON WITH NEWS OF ART VAN.

  • WITH NEWS OF ART VAN. A METRO DETROIT STAPLE

  • A METRO DETROIT STAPLE ANNOUNCING THAT IT IS

  • ANNOUNCING THAT IT IS CLOSING ALL STORES.

  • CLOSING ALL STORES. EMPLOYEES ACTUALLY LEARNED

  • EMPLOYEES ACTUALLY LEARNED ABOUT THE SURPRISING

  • ABOUT THE SURPRISING DECISION THIS MORNING AS THE

  • DECISION THIS MORNING AS THE COMPANY KNOWN IN THE AREA

  • COMPANY KNOWN IN THE AREA FOR DECADES IS LIQUIDATING.

  • FOR DECADES IS LIQUIDATING. ART VAN WAS BOUGHT BY A

  • ART VAN WAS BOUGHT BY A BOSTON-BASED PRIVATE EQUITY

  • BOSTON-BASED PRIVATE EQUITY FIRM IN 2017.

  • FIRM IN 2017. TODAY THE COMPANY ANNOUNCED

  • TODAY THE COMPANY ANNOUNCED IT WAS SHUTTING DOWN STORES

  • IT WAS SHUTTING DOWN STORES AND STARTING LIQUIDATION

  • AND STARTING LIQUIDATION SALES TOMORROW.

  • SALES TOMORROW. IT MIGHT DECLARE BANKRUPTCY

  • IT MIGHT DECLARE BANKRUPTCY NEXT WEEK.

  • NEXT WEEK. OUR HANK WINCHESTER IS

  • OUR HANK WINCHESTER IS OUTSIDE OF THE COMPANY

  • OUTSIDE OF THE COMPANY HEADQUARTERS IN WARREN.

  • HEADQUARTERS IN WARREN. HANK, THIS IS QUITE THE

  • HANK, THIS IS QUITE THE SHOCK?

  • SHOCK? >> Reporter: IT CERTAINLY IS,

  • >> Reporter: IT CERTAINLY IS, EVROD.

  • EVROD. A BIG SHOCK FOR EMPLOYEES

  • A BIG SHOCK FOR EMPLOYEES THIS MORNING, AND CUSTOMERS

  • THIS MORNING, AND CUSTOMERS MAKING THEIR WAY IN AND OUT

  • MAKING THEIR WAY IN AND OUT OF THE LOCATION HERE IN

  • OF THE LOCATION HERE IN WARREN.

  • WARREN. STUNNED TO HEAR THIS NEWS.

  • STUNNED TO HEAR THIS NEWS. WE HAVE INFORMATION RIGHT

  • WE HAVE INFORMATION RIGHT NOW ABOUT WHAT CAUSED THIS

  • NOW ABOUT WHAT CAUSED THIS FINANCIAL COLLAPSE FOR THE

  • FINANCIAL COLLAPSE FOR THE COMPANY AND ALSO HOW THIS

  • COMPANY AND ALSO HOW THIS COULD AFFECT THE GENERAL

  • COULD AFFECT THE GENERAL CUSTOMER.

  • CUSTOMER. A LOT OF QUESTIONS REGARDING

  • A LOT OF QUESTIONS REGARDING WARRANTIES AND DELIVERIES.

  • WARRANTIES AND DELIVERIES. ART VAN, A STAPLE IN THE

  • ART VAN, A STAPLE IN THE FABRIC OF DETROIT A

  • FABRIC OF DETROIT A SUCCESSFUL FURNITURE GIANT

  • SUCCESSFUL FURNITURE GIANT SINCE FIRST OPENING IN 1959,

  • SINCE FIRST OPENING IN 1959, ANNOUNCING TODAY THAT ALL

  • ANNOUNCING TODAY THAT ALL STORES WILL SOON CLOSE.

  • STORES WILL SOON CLOSE. >> WE HAVE BEEN TRYING FOR

  • >> WE HAVE BEEN TRYING FOR THE LAST MONTH TO WORK WITH

  • THE LAST MONTH TO WORK WITH OUR CREDITORS, OUR LENDERS

  • OUR CREDITORS, OUR LENDERS AND EVERYONE TO WORK OUT

  • AND EVERYONE TO WORK OUT SOME KIND OF A DEAL AND IT

  • SOME KIND OF A DEAL AND IT JUST DIDN’T COME TO PASS.

  • JUST DIDN’T COME TO PASS. >> Reporter: DIANE CHARLES

  • >> Reporter: DIANE CHARLES IS THE COMPANY SPOKESPERSON.

  • IS THE COMPANY SPOKESPERSON. SOME OF THE STORES MIGHT BE

  • SOME OF THE STORES MIGHT BE SHUTTERED DOWN.

  • SHUTTERED DOWN. THE LARGER STORES IT WILL

  • THE LARGER STORES IT WILL TAKE 60 DAYS.

  • TAKE 60 DAYS. WELL HAVE QUESTIONS AND

  • WELL HAVE QUESTIONS AND ANSWERS ON OUR WEBSITE.

  • ANSWERS ON OUR WEBSITE. >> Reporter: LIQUIDATION

  • >> Reporter: LIQUIDATION SALES WILL BEGIN IMMEDIATELY

  • SALES WILL BEGIN IMMEDIATELY AND WILL CONTINUE UNTIL ALL

  • AND WILL CONTINUE UNTIL ALL THE STORES ARE CLOSED FOR

  • THE STORES ARE CLOSED FOR FOOD.

  • FOOD. AT THE WARREN LOCATION THE

  • AT THE WARREN LOCATION THE SALES WILL CONTINUE THROUGH

  • SALES WILL CONTINUE THROUGH APRIL.

  • APRIL. SHOPPERS HEARING THE NEWS

  • SHOPPERS HEARING THE NEWS THIS MORNING.

  • THIS MORNING. I WILL STILL LOOK FOR

  • I WILL STILL LOOK FOR SOMETHING I NEED FOR MY

  • SOMETHING I NEED FOR MY HOUSE.

  • HOUSE. >> SALES.

  • >> SALES. >> EXACTLY.

  • >> EXACTLY. >> Reporter: SO WHAT CAUSED

  • >> Reporter: SO WHAT CAUSED THE FINANCIAL COLLAPSE OF A

  • THE FINANCIAL COLLAPSE OF A ONCE SUCCESSFUL COMPANY.

  • ONCE SUCCESSFUL COMPANY. >> I THINK IT WAS A

  • >> I THINK IT WAS A COMBINATION OF A LOT OF

  • COMBINATION OF A LOT OF THINGS.

  • THINGS. NOT ONE THING.

  • NOT ONE THING. IT BE HAS BEEN A FIERCE

  • IT BE HAS BEEN A FIERCE RETAIL MARKET AND SOME

  • RETAIL MARKET AND SOME OPERATION ISSUES.

  • OPERATION ISSUES. >> Reporter: BACK OUT HERE

  • >> Reporter: BACK OUT HERE LIVE IN WARREN.

  • LIVE IN WARREN. I KNOW A LOT OF PEOPLE HAVE

  • I KNOW A LOT OF PEOPLE HAVE QUESTIONS ABOUT ITEMS THEY

  • QUESTIONS ABOUT ITEMS THEY MAY HAVE RECENTLY PURCHASED

  • MAY HAVE RECENTLY PURCHASED OR WARRANTIES.

  • OR WARRANTIES. CUSTOMERS WHO MADE A RECENT

  • CUSTOMERS WHO MADE A RECENT PURCHASE MADE THEIR WAY

  • PURCHASE MADE THEIR WAY INSIDE AND THEY WERE GAIN

  • INSIDE AND THEY WERE GAIN FULL REFUND.

  • FULL REFUND. WERE GOING TO CONTINUE OUR

  • WERE GOING TO CONTINUE OUR COVERAGE.

  • COVERAGE. WELL HAVE MUCH MORE NOT

  • WELL HAVE MUCH MORE NOT ONLY ON-LINE BUT ALSO LIVE

  • ONLY ON-LINE BUT ALSO LIVE HERE BEGINNING AT 4:00.

  • HERE BEGINNING AT 4:00. FOR NOW EVROD BACK TO YOU.

  • FOR NOW EVROD BACK TO YOU. >> HANK WINCHESTER REPORTING

WELL TELL YOU WHERE THINGS STAND IN THAT RACE.

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B1 art van company reporter warren van hank

Art Van Furniture to close all stores; liquidation sales begin March 6

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    林宜悉 posted on 2020/03/05
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