Originally Posted by
impact500
jediron1, your info on WalMart's agreement with National Vision is basically correct. The phase out process from National Vision to WalMart could take as long as a further 15 to even 20 years to be completed per the contract. The contract between Sears and Cole is a totally different animal. Notice given, the clock ticks (90 days is a frequent rumor but it is clearly "short term") and then it's over.
<<reparations>>
Nope.
Again, I'm not predicting that it will happen, only pointing out that it could. Sears is in total control per the original agreement of many years ago.
An interesting statement from a 1997 Cole SEC filing:
" .... the vast majority of Cole Vision locations are operated under the names of their respective host stores under leases or licenses, from such host stores, that are terminable upon 60-90 days' notice. In addition, ColeVision operates its freestanding stores under the name "Sears Optical" pursuant to a license agreement with Sears that is cancelable on 90 days notice. The Company has enjoyed excellent relationships with its major host stores for over 40 years and has never had a lease terminated, other than in connection with a store closing, relocation or major remodeling. However, there can be no assurance that relationships with major host stores will remain stable in the future or that any lease or license agreement between a host store and the Company will not be terminated or adversely changed. There could be a material adverse effect on the Company if the relationship with any major host store were to terminate or change materially."
Sears has failed. There will soon be a new controlling owner. Some things will remain unchanged but others will be turned upside down. The optical side of Sears is just one of many open questions now. Status quo for some 47 years will not assure celebration of a 50th anniversary.
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