STAND IN THAT RACE. BUT WE DO BEGIN HERE AT NOON

BUT WE DO BEGIN HERE AT NOON WITH NEWS OF ART VAN.

WITH NEWS OF ART VAN. A METRO DETROIT STAPLE

A METRO DETROIT STAPLE ANNOUNCING THAT IT IS

ANNOUNCING THAT IT IS CLOSING ALL STORES.

CLOSING ALL STORES. EMPLOYEES ACTUALLY LEARNED

EMPLOYEES ACTUALLY LEARNED ABOUT THE SURPRISING

ABOUT THE SURPRISING DECISION THIS MORNING AS THE

DECISION THIS MORNING AS THE COMPANY KNOWN IN THE AREA

COMPANY KNOWN IN THE AREA FOR DECADES IS LIQUIDATING.

FOR DECADES IS LIQUIDATING. ART VAN WAS BOUGHT BY A

ART VAN WAS BOUGHT BY A BOSTON-BASED PRIVATE EQUITY

BOSTON-BASED PRIVATE EQUITY FIRM IN 2017.

FIRM IN 2017. TODAY THE COMPANY ANNOUNCED

TODAY THE COMPANY ANNOUNCED IT WAS SHUTTING DOWN STORES

IT WAS SHUTTING DOWN STORES AND STARTING LIQUIDATION

AND STARTING LIQUIDATION SALES TOMORROW.

SALES TOMORROW. IT MIGHT DECLARE BANKRUPTCY

IT MIGHT DECLARE BANKRUPTCY NEXT WEEK.

NEXT WEEK. OUR HANK WINCHESTER IS

OUR HANK WINCHESTER IS OUTSIDE OF THE COMPANY

OUTSIDE OF THE COMPANY HEADQUARTERS IN WARREN.

HEADQUARTERS IN WARREN. HANK, THIS IS QUITE THE

HANK, THIS IS QUITE THE SHOCK?

SHOCK? >> Reporter: IT CERTAINLY IS,

>> Reporter: IT CERTAINLY IS, EVROD.

EVROD. A BIG SHOCK FOR EMPLOYEES

A BIG SHOCK FOR EMPLOYEES THIS MORNING, AND CUSTOMERS

THIS MORNING, AND CUSTOMERS MAKING THEIR WAY IN AND OUT

MAKING THEIR WAY IN AND OUT OF THE LOCATION HERE IN

OF THE LOCATION HERE IN WARREN.

WARREN. STUNNED TO HEAR THIS NEWS.

STUNNED TO HEAR THIS NEWS. WE HAVE INFORMATION RIGHT

WE HAVE INFORMATION RIGHT NOW ABOUT WHAT CAUSED THIS

NOW ABOUT WHAT CAUSED THIS FINANCIAL COLLAPSE FOR THE

FINANCIAL COLLAPSE FOR THE COMPANY AND ALSO HOW THIS

COMPANY AND ALSO HOW THIS COULD AFFECT THE GENERAL

COULD AFFECT THE GENERAL CUSTOMER.

CUSTOMER. A LOT OF QUESTIONS REGARDING

A LOT OF QUESTIONS REGARDING WARRANTIES AND DELIVERIES.

WARRANTIES AND DELIVERIES. ART VAN, A STAPLE IN THE

ART VAN, A STAPLE IN THE FABRIC OF DETROIT A

FABRIC OF DETROIT A SUCCESSFUL FURNITURE GIANT

SUCCESSFUL FURNITURE GIANT SINCE FIRST OPENING IN 1959,

SINCE FIRST OPENING IN 1959, ANNOUNCING TODAY THAT ALL

ANNOUNCING TODAY THAT ALL STORES WILL SOON CLOSE.

STORES WILL SOON CLOSE. >> WE HAVE BEEN TRYING FOR

>> WE HAVE BEEN TRYING FOR THE LAST MONTH TO WORK WITH

THE LAST MONTH TO WORK WITH OUR CREDITORS, OUR LENDERS

OUR CREDITORS, OUR LENDERS AND EVERYONE TO WORK OUT

AND EVERYONE TO WORK OUT SOME KIND OF A DEAL AND IT

SOME KIND OF A DEAL AND IT JUST DIDN’T COME TO PASS.

JUST DIDN’T COME TO PASS. >> Reporter: DIANE CHARLES

>> Reporter: DIANE CHARLES IS THE COMPANY SPOKESPERSON.

IS THE COMPANY SPOKESPERSON. SOME OF THE STORES MIGHT BE

SOME OF THE STORES MIGHT BE SHUTTERED DOWN.

SHUTTERED DOWN. THE LARGER STORES IT WILL

THE LARGER STORES IT WILL TAKE 60 DAYS.

TAKE 60 DAYS. WE’LL HAVE QUESTIONS AND

WE’LL HAVE QUESTIONS AND ANSWERS ON OUR WEBSITE.

ANSWERS ON OUR WEBSITE. >> Reporter: LIQUIDATION

>> Reporter: LIQUIDATION SALES WILL BEGIN IMMEDIATELY

SALES WILL BEGIN IMMEDIATELY AND WILL CONTINUE UNTIL ALL

AND WILL CONTINUE UNTIL ALL THE STORES ARE CLOSED FOR

THE STORES ARE CLOSED FOR FOOD.

FOOD. AT THE WARREN LOCATION THE

AT THE WARREN LOCATION THE SALES WILL CONTINUE THROUGH

SALES WILL CONTINUE THROUGH APRIL.

APRIL. SHOPPERS HEARING THE NEWS

SHOPPERS HEARING THE NEWS THIS MORNING.

THIS MORNING. I WILL STILL LOOK FOR

I WILL STILL LOOK FOR SOMETHING I NEED FOR MY

SOMETHING I NEED FOR MY HOUSE.

HOUSE. >> SALES.

>> SALES. >> EXACTLY.

>> EXACTLY. >> Reporter: SO WHAT CAUSED

>> Reporter: SO WHAT CAUSED THE FINANCIAL COLLAPSE OF A

THE FINANCIAL COLLAPSE OF A ONCE SUCCESSFUL COMPANY.

ONCE SUCCESSFUL COMPANY. >> I THINK IT WAS A

>> I THINK IT WAS A COMBINATION OF A LOT OF

COMBINATION OF A LOT OF THINGS.

THINGS. NOT ONE THING.

NOT ONE THING. IT BE HAS BEEN A FIERCE

IT BE HAS BEEN A FIERCE RETAIL MARKET AND SOME

RETAIL MARKET AND SOME OPERATION ISSUES.

OPERATION ISSUES. >> Reporter: BACK OUT HERE

>> Reporter: BACK OUT HERE LIVE IN WARREN.

LIVE IN WARREN. I KNOW A LOT OF PEOPLE HAVE

I KNOW A LOT OF PEOPLE HAVE QUESTIONS ABOUT ITEMS THEY

QUESTIONS ABOUT ITEMS THEY MAY HAVE RECENTLY PURCHASED

MAY HAVE RECENTLY PURCHASED OR WARRANTIES.

OR WARRANTIES. CUSTOMERS WHO MADE A RECENT

CUSTOMERS WHO MADE A RECENT PURCHASE MADE THEIR WAY

PURCHASE MADE THEIR WAY INSIDE AND THEY WERE GAIN

INSIDE AND THEY WERE GAIN FULL REFUND.

FULL REFUND. WE’RE GOING TO CONTINUE OUR

WE’RE GOING TO CONTINUE OUR COVERAGE.

COVERAGE. WE’LL HAVE MUCH MORE NOT

WE’LL HAVE MUCH MORE NOT ONLY ON-LINE BUT ALSO LIVE

ONLY ON-LINE BUT ALSO LIVE HERE BEGINNING AT 4:00.

HERE BEGINNING AT 4:00. FOR NOW EVROD BACK TO YOU.

FOR NOW EVROD BACK TO YOU. >> HANK WINCHESTER REPORTING