Months after a previous deal to save his company fell through, Robert Levin has reached a deal to buy back Levin Furniture out of bankruptcy.
According to a release, Levin had previously reached an agreement with Art Van Furniture to buy back the company in March, but that deal fell apart when Art Van Furniture -- citing the COVID-19 pandemic -- closed its doors and terminated all employees across the entire company.
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The deal will allow selected store in Pennsylvania and Ohio to reopen in the coming months.
“We have worked tirelessly over the past two months for an opportunity to buy back the Levin Furniture brand,” Levin said in the release. “My goals have always been to protect as many jobs as possible for Levin associates, and to continue to serve our loyal customers. Today’s agreement is the first step in accomplishing those goals."
A month after the initial deal fell through, Levin made good on his promise to not forget about the 1,200 employees who lost their jobs. In April, he set up a $2 million assistance fund to help out, with checks arriving in former employees’ mailboxes.
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Levin said the headquarters will continue to be Pittsburgh-based, while Matt Schultz and John Schultz will be co-CEOs of the new company -- which will still be called “Levin Furniture.”
According to the release, several locations will open this summer. Details on locations and timing will come later as the transaction is finalized.
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