Art Van Furniture to Shed 27 Stores as Liquidation Begins

Bankrupt furniture retailer Art Van Furniture LLC will sell a fifth of its stores to a Dallas-based private equity firm for $6.9 million in cash, marking the beginning of liquidation after it converted to Chapter 7 last month.

U.S. Realty Acquisitions LLC, a real estate investment arm of private equity firm US Assets Inc., has agreed to acquire the inventory and assets of 27 stores in a private sale expected to close May 15. The stores are located in Michigan, Pennsylvania, Ohio, Illinois, Virginia, and Maryland.

Landlords of the leased facilities agreed to waive more than $5.4 million in post-petition ...