“Devastating news this morning mailed to me by Art Van that they will close down their 14 mile location and terminate all 262 employees! This was done by a Boston investment company. This company sold and liquidated a good deal of the assets leaving the company with no recourse but BANKRUPTCY! Art Van is a top taxpayer paying well over $2.2 million a year in taxes. They are worth $66 million in Warren.
Warren Mayor Fouts intends to reach out to Governor Whitmer and all of the potential candidates for President to see what they might to do to prevent this in the future and requesting Governor Whitmer to consider intervening (if possible) to force this investment company to honor their commitment to the workers and taxpayers.
Mayor Jim Fouts will also be requesting that my Economic Development Director Tom Bommarito begin an effort to market this site for a future company that would invest and save the jobs of those who have been terminated. Perhaps another furniture company? It is a great location!
Nationwide, this company was a BILLION dollar plus company for 60 years, and now in less than 3 years is essentially drained dry and will be out of business. Not even the name of the company is likely to be saved.
Art Van would likely be turning over in his grave due to this outrageous chain of events. There has to be a national or state law that would prohibit investment companies from buying off and selling all assets at the expense of the workers and the community it is in.
Art Van was a successful company that saved the Thanksgiving Day Parade and was a great charitable contributor to the state and the city of Warren and now is destroyed by investment greed!
Note: This will affect THOUSANDS of employees in Michigan, Chicago and Indiana. This is a nationwide company and that means Presidential candidates should consider speaking out on this injustice to working people.”