Art Van, one of the largest furniture retailers in the Midwest, announced Thursday it will shut down all of its 180 stores, including the two dozen it currently operates in Illinois.

Liquidation sales are scheduled to begin Friday.

Launched in the Detroit area in 1959, Art Van operates stores in the Chicago area under the names Art Van Furniture, Art Van PureSleep and Scott Shuptrine Interiors. In addition to stores in Michigan and Illinois, Art Van has locations in Indiana, Missouri and Ohio.

The retailer entered the Chicago market in mid-2013, with plans to invest more than $40 million in land, store build-out, inventory and labor. It will now shutter its entire store fleet as well as a Bolingbrook distribution center.

In other Chicago-area business news:

One of Chicago’s exclusive private clubs is also shutting down. The Standard Club, wracked by operating losses and declining membership, says it is closing May 1.

Founded in 1869, the Standard Club was long a gathering place for Jewish business leaders in Chicago.

But now the club has hired commercial real estate firm CBRE to seek potential buyers for all or part of its 13-story building at 320 S. Plymouth Court.

And finally, a new study shows that Chicago, the nation’s third-biggest metro area, also ranks third when it comes what real estate developers pay to build offices, apartments and other buildings.

Only New York and San Francisco have higher construction costs than the Chicago market, according to a report from Jones Lang LaSalle. Construction costs here have risen 31.6% over the past decade, more than any other metro area in the Midwest.

Crain’s Headlines is a joint production between WTTW and Crain’s Chicago Business. It airs every Monday through Thursday on the WTTW News program “Chicago Tonight.”