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Art Van Furniture

The firm represented the unsecured creditors’ committee in the Art Van Furniture bankruptcy and then the chapter 7 trustee when the case was converted. The filing estimated Art Van's liabilities at $100 million to $500 million with 50,000 to 100,000 creditors. The furniture retailer cited extreme market conditions, internet shopping, an $8 million tariff bill in 2019 and very tough competition as causes for its sinking fortunes. In early May 2020, Texas-based private equity firm US Assets Inc. reached an agreement with Art Van’s court-appointed bankruptcy trustee to purchase the inventory and assets of 27 stores.