Hillside Furniture going out of business a year after Art Van purchase – Crain’s Detroit Business
Hillside Furniture in Bloomfield Hills is going out of business after a storewide liquidation sale over Memorial Day weekend, according to the company’s website.
Founded in 1974, the family-owned contemporary furniture store was acquired by Warren-based Art Van Furniture Inc. last year for an undisclosed amount.
Earlier this month, Art Van announced that Hillside would be rebranded to an Art Van store in a move to unify the company’s home décor and furniture retail stores under one brand.
“As our company expands, it is essential that we focus on the Art Van brand as the brand of the future,” Art Van Furniture CEO Kim Yost said in a written statement.
Art Van said it retained Hillside’s associates in the acquisition, and a news release said it plans to add more jobs at the 50,000-square-foot store at 2300 Telegraph Road.
Remodeling of the store is to be complete by mid-August, according to the release.
Art Van operates 56 furniture showrooms throughout Michigan, Indiana, Ohio and Illinois, and has 41 free-standing Art Van PureSleep mattress stores. The retailer also operates Art Van Flooring and Scott Shuptrine Interiors.
Art Van Elslander, chairman and founder of Art Van, announced earlier this year he was selling the 58-year-old retail chain to Boston-based Thomas H. Lee Partners LP.
Terms of the deal were not released, but a Crain’s analysis of comparable deals puts the value of the sale in the range of $550 million.