Developing: Michigan-based furniture store to be sold - WNEM TV 5

Developing: Michigan-based furniture store to be sold

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Mr. Van Elslander Mr. Van Elslander

A Michigan-based furniture store is being sold to a private equity firm.

Art Van Furniture announced Wednesday it is selling the 58-year-old retail chain to Boston-based equity firm Thomas H. Lee Partners. Terms of the deal have yet to be released, but Crain’s Detroit Business reports the sale’s value is in the range of $550 million.

In a statement, the company said with the value of its employees and customers in mind they're looking forward to the next chapter in the company's continued evolution.

“The heartbeat of any organization is its people,” said Chairman and Founder Mr. Van Elslander. “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.”

The company first opened in 1959 on Gratiot Avenue in Detroit. Today, it is one of the largest furniture retailers in the United States with over 100 stores in five states.

The company does not expect to lose any of its 3,500 employees and said its current leadership will remain in place while working with THL Partners.

The sale is expected to close in February. 

Read the full press release here

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