Under the deal announced last week, Art Van will buy the 50% of the flooring business that had been held by World of Floors founder and CEO Emil Pedick, making the business a wholly owned brand of the Michigan furniture company.
“We have big plans for Art Van World of Floors,” Art Van Elslander, the founder of his namesake furniture company, said in a news release. “I personally look forward to making it the No. 1 flooring business in the markets we serve.”
Art Van did not disclose the purchase price.
Founded in 1997, World of Floors grew to become the largest flooring specialty chain in Michigan with 27 locations, the company said. Pedick said he had envisioned a store-within-a-store concept that leveraged the marketing and customer base of a furniture operation.
Art Van, a family-owned company, is one of the largest independent furniture retailers in America with 44 stores, including 37 in Michigan.