Art Van was acquired by Loves Furniture, Bed Bath & Beyond gradually resumes business

The 27 stores of Art Van, a bankrupt furniture maker, were “sold” by $ 6.9 million

Art Van Furniture to close all stores, including 24 in Illinois ...

On May 12, the newly established furniture retailer Loves Furniture announced that it had completed the acquisition of 27 furniture retail stores and their inventory, equipment, and other assets in the Midwest of the United States on May 4.

According to the information in the court documents, the transaction value of this acquisition is only 6.9 million US dollars.

Previously, these acquired stores have been operating in the name of Art Van Furniture or its subsidiaries Levin Furniture and Wolf Furniture.

On March 8, Art Van had declared bankruptcy and ceased operations because it was unable to withstand the heavy pressure of the epidemic.

This 60-year-old furniture retailer with 194 stores in 9 states and annual sales of more than 1 billion US dollars has become the first well-known furniture company in the world under the epidemic, which triggered the global home furnishing industry. Concerned, it is amazing!

Matthew Damiani, CEO of Loves Furniture, said: “For our entire company, all employees and serving the community, our acquisition of these furniture stores in the Midwest and Mid-Atlantic region is a milestone. We are very pleased Market customers provide new retail services to give them a more modern shopping experience. ”

Loves Furniture, founded by entrepreneur and investor Jeff Love in early 2020, is a very young home furnishing retail company dedicated to creating a customer-oriented service culture and providing a personalized shopping experience. Next, the company will soon introduce brand new furniture and mattress products to the market to increase the popularity of the new company.

Bed Bath & Beyond gradually resume business

Bed Bath & Beyond

Bed Bath & Beyond, the second largest home textile retailer in the United States, which has received much attention from foreign trade companies, announced that it will resume operations at 20 stores on May 15, and most of the remaining stores will reopen by May 30.

The company increased the number of stores offering roadside pickup services to 750. The company is also continuing to expand its online sales capacity, saying it allows it to complete the delivery of online orders in an average of two days or less, or allow customers who use online order store pickup or roadside pickup Receive the product within hours.

President and Chief Executive Officer Mark Tritton said: “Our strong financial flexibility and liquidity allow us to resume business carefully on a market-by-market basis. Only when we think it is safe will we open our doors to the public.

We will carefully manage costs and monitor results, expand our operations, and enable us to continue to strategically advance our online and delivery capabilities, creating an omnichannel and consistent shopping experience for our loyal customers. ”

UK retail sales plummeted by 19.1% in April, the largest decline in 25 years

UK retail sales fell 19.1% year-on-year in April, the largest decline since the survey began in 1995.

The UK closed most of its economic activities at the end of March and ordered people to stay at home to slow the spread of the new coronavirus.

The BRC said that in the three months to April, in-store sales of non-food items fell by 36.0%, while food sales increased by 6.0% over the same period, as consumers hoarded the necessities needed during home isolation.

In comparison, online sales of non-food items soared nearly 60% in April, accounting for more than two-thirds of non-food expenditures.

British retail industry warns that the existing bailout plan is not enough to prevent a large number of companies from going bankrupt

The British Retail Consortium warned that the government ’s existing outbreak rescue plan is not enough to stop the “imminent collapse of many companies.”

The association said in a letter to the British Chancellor of the Exchequer Rishi Sunak that the crisis facing part of the retail industry must be dealt with “emergency before the second quarter (rent) day”.

The association said that many companies had meager profits, had little or no income for several weeks, and faced imminent risks, adding that even if restrictions were removed, these companies would take a considerable amount of time to recover.

The association called on officials of relevant departments to meet urgently to agree on how to minimize economic harm and widespread employment losses in the best possible way.

Post time: May-15-2020