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This excerpt taken from the LUX 20-F filed Jun 29, 2007. Cole.
With the acquisition of Cole in October 2004, we acquired a group of
distribution outlets and a provider and administrator of managed vision care
services under one group. Cole, through its wholly owned subsidiaries, operates
retail vision locations under the name “Pearle Vision” as well as under the
names “Sears Optical,” “Target Optical” and “BJ’s Optical,” which we refer to
as our Licensed Brands. Managed vision care programs and benefits were
previously sold through the Cole Managed Vision Division; renewals and new
sales are now administered through Eyemed Vision Care. Additionally, Cole
operated a chain of personalized gift stores, e-commerce and catalogs under the
name “Things Remembered,” which was sold in September 2006.
The Licensed Brands optical retail locations are located in the host stores that bear the names of the hosts. Pearle Vision stores are mostly located in strip malls outside of the conventional malls where most LensCrafters and Sunglass Hut stores are located. In addition, we have franchised Pearle Vision locations located throughout North America. We believe that 20
this combination with Cole has allowed us to: • strengthen our retail operations in the United States; • strengthen our managed vision care business by increasing the number of people for whom we provide managed vision care benefits as well as by adding well established retailers to our existing family of retailers; and • increase our sales of frames manufactured by us in Cole retail stores. We substantially completed our strategic integration plan with respect to Cole in the third quarter of 2006. As of December 31, 2006, Cole operated 1,781 owned and leased department locations and 417 franchise locations throughout North America. Our retail network in North America has expanded in 2007 with the completion of our acquisition of D.O.C. Optics, an optical retail business with approximately 100 stores located primarily in the midwest United States. This acquisition represents another key step in our strategy to maximize growth opportunities for our optical retail brands, including LensCrafters and Pearle Vision. We will continue to look to expand our retail operations in North America through the opening of new stores or kiosks, or strategic acquisitions when we deem them to be appropriate. |
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