WARREN, Mich. — Loves Furniture has filed for bankruptcy, court records show.
The company’s current assets are valued at $10-15 million.
Its Board of Directors cited the ongoing coronavirus pandemic, government restrictions on business operations, a need for more operational financing and creditors’ demands as reasons for the filing.
Formed in April 2020, Loves Furniture acquired 27 Art Van stores across Michigan, Pennsylvania, Ohio, Illinois, Virginia and Maryland.
It also opened or acquired 13 more locations between May and October of last year.
Read the bankruptcy filing here.
Read the statement from the Board of Directors here.