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Loves Furniture Files for Bankruptcy

After less than 12 months in business, the furniture and home furnishings brand has filed for bankruptcy protection.

Loves is owned by private equity firm US Assets and was founded by Jeff Love in early 2020 after purchasing the inventory of Art Van Furniture, Levin Furniture and Wolf Furniture Stores. Now, just several months after opening their first round of stores, the brand has filed for bankruptcy protection.

The news comes shortly after the brand was sued for breach of contract by Southern Motion. The company alleges that there is more than $1.8M in unpaid merchandise.

In its filing, Loves has estimated that they have assets of $10M to $50M and a similar amount of liabilities spread over as many as 200 creditors. The company has stated that they hope to emerge from bankruptcy with fewer inventories and a reduced portfolio.

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