Art Van Furniture Stores Closing, Liquidation Sales Begin Friday

Rob Hart
March 05, 2020 - 6:22 pm
Art Van Furniture File

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(WBBM NEWSRADIO) -- The so-called retail apocalypse has claimed another name. 

Michigan-based Art Van Furniture is filing for Chapter 11 bankruptcy protection. It will close all 300 stores. Liquidation sales of all company-owned stores start Friday. 

The furniture retail industry is flying into substantial headwinds. Online retailers are hurting brick-and-mortar stores, but analysts say that's just the tip of the iceberg.

Boston-based research analyst Ken Perkins told the WBBM Noon Business Hour Thursday that furniture stores have been hurt by developments in international trade.

"They've been hit by tariffs, which have impacted a lot of furniture imports across the industry," Perkins said.

Demographics have also played a big role, he adds: "Millennials have been slower to buy homes than previous generations.”

The demise of Art Van means the loss of a Michigan institution. 

Murray Feldman is a consumer reporter at WWJ Radio in Detroit. 

"They were a pillar of the Metro Detroit business community," Feldman said.