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DALLAS GROUP TO ACQUIRE OPTICAL COMPANY WITH 24 STORES IN NINE STATES

DALLAS GROUP TO ACQUIRE OPTICAL COMPANY WITH 24 STORES IN NINE STATES
 DALLAS, Oct. 21 /PRNewswire/ -- OCA Acquisition, Inc., a newly- formed corporation controlled by Lipshy Stephenson, Inc., a Dallas-based merchant banking firm, and Ted Bogart, announced today it has signed a definitive agreement to purchase certain assets of The Optical Corporation of America, Inc., of Louisville, Ky.
 OCA is in Chapter 11 bankruptcy and the sale is subject to bankruptcy court approval.
 The assets to be purchased include two divisions of OCA: Southern Optical and Lugene Opticians. In fiscal 1992, sales for the two eyewear chains were $7.2 million. Southern Optical currently sells prescription eyewear through 17 retail stores in Kentucky, Indiana and Texas. Lugene Opticians is a high-fashion eyewear retailer with seven locations in New York, Atlanta, Chicago, New Orleans, Houston, Boston and Palm Beach.
 The purchase is being led by two Dallas-based retail executives. Lipshy, a partner in Lipshy Stephenson and chairman of OCA Acquisition, is the former president and chief operating officer of Zale Corporation. Bogart, currently president of Affiliated Optical Enterprises, Inc., the largest Texas State Optical franchisee, will serve as president and chief executive officer. Bogart's family is one of the founders of the modern optical industry in Dallas.
 "We are very familiar with Southern Optical and Lugene and impressed by their histories and outstanding reputations in the eyewear industry," Bogart said. "Both chains have a strong presence within the marketplace and have continued strong performances despite the bankruptcy of the parent company."
 Lipshy noted that "this acquisition allows us to execute a strategy of identifying and acquiring companies in the growing eyewear sector."
 Southern Optical was founded in 1897 when a young Louisville man returned home having been trained in the optical business in Philadelphia. Lugene, acquired by Southern Optical in 1971, was founded in 1922 as an up-scale optical business with stores in Palm Beach and the Carlyle Hotel in New York City.
 -0- 10/21/92
 /CONTACT: Andy Stern of Stern, Nathan & Perryman, 214-373-1601, for OCA Acquisition/ CO: OCA Acquisition, Inc.; Optical Corporation of America, Inc. ST: Texas, Kentucky, Indiana IN: REA SU: TNM


JP -- NY119 -- 3140 10/21/92 17:10 EDT
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Publication:PR Newswire
Date:Oct 21, 1992
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