By Shirley Smith/Other Words
Not long ago, I was a saleswoman and manager at Art Van Furniture, a furniture retailer that was an institution in metro Detroit for over half a century.
It was more than a job. My co-workers were my family, and we were all proud to work for our company. Thanks to our hard work, Art Van had grown from a family-owned business with one location to the top performing furniture retailer in our state.
But all that changed in 2017, when the private equity firm Thomas H. Lee Partners bought the company out. Soon, the company I knew and loved began to vanish right in front of my eyes. Where we saw a strong company we were proud to work for, they saw something they could strip for parts.
By 2020, my job had become one of the over half a million retail jobs that have been destroyed by private equity big shots.
Posted on September 21, 2021