JLL to market leases for Art Van Furniture bankruptcy
Art Van Furniture Inc. has entered its final chapter.
JLL Retail has been retained by Art Van Furniture to market retail leaseholds for sale for the company’s retail boxes. The stores range in size from 4,000 sq. ft. to 150,000 sq. ft. are located in Illinois, Indiana, Maryland, Michigan, Missouri, Ohio, Pennsylvania, and Virginia.
Art Van Furniture, which been owned since 2017 by private-equity firm Thomas H. Lee Partners, said in early March that it would close all its stores and file or bankruptcy. The company had been struggling amid a heavy debt load and increased competition from online players such as Amazon and Wayfair and traditional retailers such as Bob's Discount Furniture, Ashley HomeStore, and Mattress Firm.
The Art Van Furniture properties are in high-visibility, high-traffic locations in major markets or secondary markets. In secondary markets, the locations are generally in strong regional shopping centers that draw from large trade areas that include major markets that are close in proximity, according to JLL.
The deadline for submissions is March 31.