VERY SERIOUS FEDERAL CHARGES. >> Kim: THE FURNITURE CHAIN WITH

>> Kim: THE FURNITURE CHAIN WITH STORES ALL OVER METRO DETROIT IS

STORES ALL OVER METRO DETROIT IS GOING OUT OF BUSINESS.

GOING OUT OF BUSINESS. MANY ARE WONDERING WHY.

MANY ARE WONDERING WHY. >> Devin: A LOT OF FOLKS STILL

>> Devin: A LOT OF FOLKS STILL TRYING TO WRAP THEIR HEADS

TRYING TO WRAP THEIR HEADS AROUND THE IDEA OF ART VAN

AROUND THE IDEA OF ART VAN FURNITURE NO LONGER BEING

FURNITURE NO LONGER BEING AROUND.

AROUND. >> Kim: BUT THAT’S THE WORD THAT

>> Kim: BUT THAT’S THE WORD THAT CAME DOWN TO EMPLOYEES.

CAME DOWN TO EMPLOYEES. RIGHT NOW, MORE THAN 200 STORES

RIGHT NOW, MORE THAN 200 STORES ARE SLATED TO CLOSE, INCLUDING

ARE SLATED TO CLOSE, INCLUDING THE FURNITURE STORES, PURE SLEEP

THE FURNITURE STORES, PURE SLEEP AND SCOTT SHUPTRINE.

AND SCOTT SHUPTRINE. >> Devin: 5500 PEOPLE WILL LOSE

>> Devin: 5500 PEOPLE WILL LOSE THEIR JOBS.

THEIR JOBS. IT WAS SOLD TO AN INVESTMENT

IT WAS SOLD TO AN INVESTMENT COMPANY IN 2017 AND IS EXPECTED

COMPANY IN 2017 AND IS EXPECTED TO FILE FOR BANKRUPTCY.

TO FILE FOR BANKRUPTCY. THE FIRE SALE MAY START AS SOON

THE FIRE SALE MAY START AS SOON AS TOMORROW.

AS TOMORROW. HANK WINCHESTER HAS MORE ON

HANK WINCHESTER HAS MORE ON THAT.

THAT. BUT LET’S START WITH HOW WE GOT

BUT LET’S START WITH HOW WE GOT HERE.

HERE. ROD MELONI HAS A LOOK AT WHAT

ROD MELONI HAS A LOOK AT WHAT LED TO THIS DECISION TO CLOSE

LED TO THIS DECISION TO CLOSE ALL ART VAN STORES.

ALL ART VAN STORES. I’S BEEN A SHOCKER!

I’S BEEN A SHOCKER! >> Rod: IT IS.

>> Rod: IT IS. AND YOU SAID IT SO WELL EARLIER,

AND YOU SAID IT SO WELL EARLIER, IN THAT ART VAN IS SO MUCH A

IN THAT ART VAN IS SO MUCH A PART OF METRO DETROIT THAT THE

PART OF METRO DETROIT THAT THE ADS ON TELEVISION ARE CONSTANT

ADS ON TELEVISION ARE CONSTANT DAY AND NIGHT.

DAY AND NIGHT. IF YOU LIVE ANYWHERE IN METRO

IF YOU LIVE ANYWHERE IN METRO DETROIT, YOU LIVE WITHIN A

DETROIT, YOU LIVE WITHIN A STONE’S THROW OF AN ART VAN

STONE’S THROW OF AN ART VAN FURNITURE.

FURNITURE. BUT THE COMPANY SOLD OUT TO A

BUT THE COMPANY SOLD OUT TO A BOSTON HEDGE FUND BACK IN 2017

BOSTON HEDGE FUND BACK IN 2017 AND SADLY AND RATHER

AND SADLY AND RATHER SPECTACULARLY, THEY CRASHED THE

SPECTACULARLY, THEY CRASHED THE COMPANY INTO A ROCK!

COMPANY INTO A ROCK! ART VAN ELSLANDER SOLD HIS

ART VAN ELSLANDER SOLD HIS COMPANY TO A BOSTON HEDGE FUND,

COMPANY TO A BOSTON HEDGE FUND, AND HE SADLY DIED THE NEXT YEAR.

AND HE SADLY DIED THE NEXT YEAR. PLUNKETT CLOONEY’S DOUG

PLUNKETT CLOONEY’S DOUG BERNSTEIN SAID A LOT OF THINGS

BERNSTEIN SAID A LOT OF THINGS WENT WRONG QUICKLY FOR THE NEW

WENT WRONG QUICKLY FOR THE NEW COMPANY.

COMPANY. >> YOU’VE GOT A LOT OF DEBT, A

>> YOU’VE GOT A LOT OF DEBT, A LOT OF EXPANSION, AND PEOPLE’S

LOT OF EXPANSION, AND PEOPLE’S SHOPPING HABITS CHANGED.

SHOPPING HABITS CHANGED. >> Rod: ONLINE SHOPPING IS

>> Rod: ONLINE SHOPPING IS CHANGING THE GAME.

CHANGING THE GAME. AND OTHER RETAILERS DIDN’T HELP.

AND OTHER RETAILERS DIDN’T HELP. THE VAST MIDWEST REACH WORKED

THE VAST MIDWEST REACH WORKED AGAINST IT.

AGAINST IT. >> BRICK-AND-MORTAR IS

>> BRICK-AND-MORTAR IS EXPENSIVE.

EXPENSIVE. AND THE MORE OVERHEAD YOU HAVE.

AND THE MORE OVERHEAD YOU HAVE. YOU HAVE TO BE VERY EFFICIENT

YOU HAVE TO BE VERY EFFICIENT AND AHEAD OF THE CURVE.

AND AHEAD OF THE CURVE. AND UNFORTUNATELY, THAT DOESN’T

AND UNFORTUNATELY, THAT DOESN’T SEEM TO BE THE CASE.

SEEM TO BE THE CASE. >> Rod: PATRICK O’KEEFE TELLS

>> Rod: PATRICK O’KEEFE TELLS LOCAL 4, HE BELIEVES RENTS

LOCAL 4, HE BELIEVES RENTS CAUSED MUCH OF THE PROBLEM.

CAUSED MUCH OF THE PROBLEM. >> THE LANDLORDS TOOK ADVANTAGE

>> THE LANDLORDS TOOK ADVANTAGE AND UPPED THE RENTS AND MADE IT

AND UPPED THE RENTS AND MADE IT HARD TO SURVIVE.

HARD TO SURVIVE. >> Rod: BERNSTEIN SAID ALL YOU

>> Rod: BERNSTEIN SAID ALL YOU NEED TO KNOW IS FOUND IN

NEED TO KNOW IS FOUND IN RECALLING WHAT HAPPENED WITH

RECALLING WHAT HAPPENED WITH TOYS ’R’ US.

TOYS ’R’ US. >> WHEN THE HEDGE FUND COMES IN

>> WHEN THE HEDGE FUND COMES IN AND BUYS IT, THEY LOAD IT UP

AND BUYS IT, THEY LOAD IT UP WITH DEBT AND CARRY IT AS LONG

WITH DEBT AND CARRY IT AS LONG AS THEY CARE TO, AND THEN SAY,

AS THEY CARE TO, AND THEN SAY, OH, WELL, WE TRIED AND WE’RE

OH, WELL, WE TRIED AND WE’RE DONE.

DONE. >> Rod: AND THEY’RE SO DONE,

>> Rod: AND THEY’RE SO DONE, THAT THERE’S QUITE LITERALLY

THAT THERE’S QUITE LITERALLY NOTHING LEFT TO EVEN BUY.

NOTHING LEFT TO EVEN BUY. THE WORD IS THE FAMILY WANTED TO

THE WORD IS THE FAMILY WANTED TO GET SOMETHING BUT THERE’S

GET SOMETHING BUT THERE’S NOTHING TO HAVE.

NOTHING TO HAVE. SO SADLY, THEY HAVE TO CLOSE THE