This excerpt taken from the LUX 6-K filed May 12, 2009.
BALANCE SHEET OPTIMIZATION AND EFFICIENCY DRIVE
In 2009, the process of optimizing net working capital and the balance sheet will continue. There will be a planned reduction in inventory levels of approximately 10-15% and a significant efficiency improvement throughout the entire supply chain, as well as a review of commercial conditions for around 80% of suppliers.
New investments, which will be just under euro 200 million in 2009, will be carefully focused on high valued added projects in the field of information technology and the supply chain.
Containment of all expenses, whether industrial or commercial, will continue to be a high priority. The brand portfolio and international commercial structure will be further optimized. Advertising spending will be cut by 10% in both segments, while product promotion at points of sale will be stepped up.
The retail distribution segments presence will also be optimized in North America by the planned sale of 56 Pearle Vision corporate stores to potential franchisees, closing of 117 stores and placing of another 110 under review.