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Thread: In the UK Optical Chain goes bancrupt to downsize........................

  1. #1
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    In the UK Optical Chain goes bancrupt to downsize........................

    Landlords furious over JJB Sports and Optical Express administrations

    Landlords have warned they will reconsider whether to back insolvency proceedings that allow retailers to shed loss-making stores after JJB Sports and Optical Express called in administrators. \

    Property companies are furious that JJB and Optical Express have launched insolvency proceedings just two days after quarterly rent payments were due, meaning landlords will miss out on three months of rent.


    There is particular frustration over Optical Express, which is shedding up to 40 unwanted shops by putting a subsidiary with 83 sites into administration and then buying back the sites it wants to retain.


    The company says it is “consolidating” its store portfolio to “focus resources on its flagship locations and online business”.

    But there are also new concerns about the value of allowing retailers to restructure through company voluntary arrangements (CVAs), given that JJB was allowed to cut its rental bill through two CVAs in the run-up to its collapse.

    See the whole article ------------------> http://www.telegraph.co.uk/finance/n...strations.html

  2. #2
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    Just a side light a friend who worked at Sears optical just told me he heard they are closing two out of three of there Rochester, N.Y. Stores. He wasn't sure if Buffalo or Syracuse were getting hit or not.

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    Optical Express is one of the UK's leading eye care specialists, with locations nationwide staffed by professional opticians with access to all the latest technological developments. Their fully trained opticians carry out thousands of comprehensive eye tests each week, providing patients with the complete optical solution.
    They are the UK & Europe's leading eye surgery specialist. Their surgeons have carried out over 1 million procedures worldwide. They are also one of the nation's largest providers of glasses and contact lenses with a wide range of frames suited to all ages and budgets, from designer names to unique styles.

    The above landlords have been left 133 stores empty. Plus the things happening in Sears Optical in NY, and what I saw that Calgary's local optical chain stores are closing down some of their locations, does it mean that these commercial porperties are going to have problems in the coming years?

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    Well. Optical Express were/are a reasonable size, but their market share and store portfolio are smaller than Specsavers, Boots/Dollond and Aitchison, Vision Express and the independent/small chain sector. I am not surprised by the move, they expanded heavily into the laser surgery market, and promoted it above and at the expense of the eyewear and contacts market. They also have a repution for high prices/and poor customer service (allegedly) in what is a very competitive market.

    It is interesting that Boots abandoned their foray into laser surgery (which was some years ago), and that two of the Laser only chains in the UK have just recently merged. (Optimax and Ultralase). Sign of these straightened times?

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