PITTSBURGH, Pa. (WKBN) – The former owner of Levin Furniture has reached an agreement to buy back his family named company.
In 2017, Robert Levin sold the company to Art Van Furniture, who filed for bankruptcy on March 8, 2020. Art Van Furniture had agreed to sell back the company to Levin but the deal fell through once the COVID-19 pandemic hit, which they said led to the bankruptcy.
The new agreement will allow Levin Furniture to reopen selected stores this summer in Pennsylvania and Ohio.
The agreement is scheduled to be approved by the bankruptcy court in the next two weeks.
Matt Schultz and John Schultz, the owners of Ashley Furniture HomeStores, will help Levin by being co-CEOs of the “new” company. Levin will serve as chairman of the board.
Ashley Furniture is headquartered in Erie and Levin Furniture will remain headquartered in Pittsburgh.
“This year is Levin Furniture’s 100th anniversary. I am so pleased to be able to continue the story of Levin Furniture and to have something that we all can celebrate,” Levin said.
For customers who were stuck with their deposits after Art Van Furniture closed, Levin said he would work to refund their money or fulfill their orders. More information will be available once the bankruptcy court transaction goes through. That information will be on Levin Furniture’s website.