HOLLAND, Ohio — Loves Furniture, a retail chain launched in 2020 to fill former Art Van Furniture stores, has filed for Chapter 11 bankruptcy.
In July, Loves had announced plans to take over 27 locations throughout Michigan, Ohio and Pennsylvania.
Loves interim CEO Mack Peters attested to Loves having "too much inventory and too little cash," according to court documents.
"While initial sales were strong as compared to the projections, sales fell significantly in light of Loves' difficulty locating, obtaining and delivering merchandise to its customers," he said. "Many of Loves' suppliers refused to ship further product, much of which had been ordered in May and June, so that items that were expected to be received on which customer deposits had been taken were not longer expected."
Loves will start a liquidation sale Thursday.
News Writer : Erbay ŞAHİN
543 viewed times. / 03-02-2021 added.
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