Art Van going out of business: what if I just bought furniture?

(FOX 2) - Art Van Furniture announced Thursday it's going out of business, closing all of its company-owned stores and beginning the liquidation process. 

Art Van Furniture is a staple in Michigan with thousands of employees and customers. If you've been a recent customer, you're probably wondering what's going on with your warranty or your bill.  

Charlie Langton answered our legal questions on The Verdict. You can watch in the video player above. 

WHAT IF I JUST BOUGHT FURNITURE? 

If you've got a balance on your Art Van credit card, you still have to pay. 

"If you just bought furniture from Art Van and you're on a payment plan, for example, pay those bills! You have to. You have an obligation. Doesn't matter what Art Van does," Langton says. 

At some point, the money will go to the court or a trustee of some sort. 

WHAT IF I BOUGHT A WARRANTY? 

Here's the unfortunate news - your warranty could be in trouble. 

"Now [your warranty is] being backed by a company that is essentially liquidating, they're going to have no assets; they're going out of business," Langton says. 

Art Van Furniture hasn't given any directive yet about where customers can inquire about their warranties. 

The news of the closure is a big blow to not only Michigan but also the Midwest.

READ MORE: Art Van Furniture closing all stores, liquidation sales to start Friday

As of March 4, 2020, there are 141 stores in Michigan, Ohio, Illinois, Indiana, Iowa, and Missouri. There are also additional franchise locations across Michigan. Those stores will not be affected by the liquidation.

Liquidation sales will begin Friday, March 6 at all Art Van Furniture, Art Van PureSleep, and Scott Shuptrine Interiors in Michigan, Illinois, Ohio, Indiana, and Missouri, and select Wolf stores in Maryland and Virginia.