Warren Mayor Jim Fouts is enraged about Art Van Furniture closing and says he will ask the governor to possibly intervene.

In a furious statement issued Thursday afternoon, Fouts said the furniture and mattress retailer was "drained dry" by its private-equity firm owner and the liquidation of its stores will be devastating to workers and a big loss for the city of Warren, where Art Van is headquartered.

All 262 employees at Art Van's 14 Mile location will soon be out of a job, he said.

More:Art Van Furniture to close its stores, begin liquidation sales

Fouts said he will reach out to Gov. Gretchen Whitmer to see if she could force Art Van's owner, Thomas H. Lee Partners, "to honor their commitment to the workers and taxpayers." Art Van pays more than $2.2 million a year in taxes in Warren, he said.

"Art Van would likely be turning over in his grave due to this outrageous chain of events," Fouts said, referring to the brand's founder Archie Van Elslander, who died in 2018. "There has to be a national or state law that would prohibit investment companies from buying off and selling all assets at the expense of the workers and the community it is in."

The Boston-based private-equity firm purchased a majority stake in Art Van in 2017 from the Van Elslander family. The firm declined to comment about Thursday's liquidation announcement.

The mayor said he will also reach out to the Democratic candidates for president to see what they might do to prevent the future collapse of once-great companies in the hands of private-equity firms. Fouts, a Democrat, did not mention President Donald Trump.

"Art Van was a successful company that saved the Thanksgiving Day Parade and was a great charitable contributor to the state and the city of Warren and now is destroyed by investment greed!" Fouts said in his statement.

Fouts also said he will direct the city's economic development director to begin marketing the Art Van site in hopes of finding a future employer for those whose jobs will soon disappear.

ContactJC Reindl at313-222-6631 or jcreindl@freepress.com. Follow him on Twitter @jcreindl. Read more on business and sign up for our business newsletter.