Levin Furniture Entering Into Chapter 7 Bankruptcy, Will Be Liquidated
PITTSBURGH (KDKA) -- Levin Furniture stores will enter into Chapter 7 bankruptcy and be liquidated.
A U.S. Bankruptcy Court handed down the order earlier this week for Art Van Furniture, which bought Levin's Furniture in 2017, the Trib reports.
Former owner Robert Levin said last week he might have the opportunity to buy assets. But the filing will likely keep Levin from saving the business.
Last month, Levin told employees of the shuttering store that he was going to buy back and rescue his family business.
However, a few weeks later, Levin said Art Van Furniture, the parent company of Levin Furniture and Wolf Furniture, terminated the agreement to sell the businesses back to him.
A press release said the parent company reported "vast reductions" in business due to the coronavirus pandemic and store closures as the reason for not seeking approval of the sale to Levin in bankruptcy court.
Stay with KDKA for the latest on this developing story.
