Art Van Workers Claim Victory After T.H. Lee Boosts Payouts (1)

<-bsp-bb-link state="{"bbHref":"bbg://securities/6612Z%20US%20Equity","_id":"00000178-28c7-d55c-af79-29e7757c0000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">Thomas H. Lee Partnersis nearly doubling a fund to assist former workers at its bankrupt <-bsp-bb-link state="{"bbHref":"bbg://securities/3698667Z%20US%20Equity","_id":"00000178-28c7-d55c-af79-29e7757c0001","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">Art Van Furniture chain, after months of <-bsp-bb-link state="{"bbDocId":"QOB54FT0AFBB","_id":"00000178-28c7-d55c-af79-29e7757c0002","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">pressure from employees who said a payment of around $400 each was “grossly inadequate.”

The private equity firm is adding $950,000 to a $1.1 million fund it established last year, according to United for Respect, the group that worked with former employees to demand health coverage or cash assistance after Art Van filed for <-bsp-bb-link state="{"bbDocId":"Q6WOTNT0AFBF","_id":"00000178-28c7-d55c-af79-29e7757d0000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">bankruptcy last year.

A representative for Boston-based T.H. Lee, which manages $11.6 billion, declined to comment on the decision. The firm had <-bsp-bb-link state="{"bbDocId":"QOB54FT0AFBB","_id":"00000178-28c7-d55c-af79-29e7757d0001","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">previously ...