DETROIT — Michigan-based furniture company Art Van is exploring options including the sale and possible Chapter 11 bankruptcy, according to Crain's Detroit.

Rumors have been circulating for weeks about what might happen to the furniture company, but its owner, Thomas H. Lee Partners, has declined to comment.

Crain's Detroit cites unnamed sources close to the negotiations. They say the Van Elslander family has prepared an offer for a Chapter 11 reorganization.

It said a decision on the Warren-based retailer's future could come next week.

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