SEARS SELLS EYE CARE CENTERS TO DESAI CAPITAL MANAGEMENT, INC.
HOFFMAN ESTATES, Ill., Aug. 5 /PRNewswire/ -- Sears Merchandise Group today announced an agreement for the sale of Eye Care Centers of America, Inc., a wholly owned subsidiary of Sears, Roebuck and Co. (NYSE: S), to Eye Care Holdings, Inc., a new corporation formed by Desai Capital Management, Inc., a New York-based private investment firm. Terms of the sale were not disclosed. "Although Eye Care Centers is profitable, the business does not fit with our focus on our mall-based, multi-line retail stores," said Arthur C. Martinez, chairman and chief executive officer of Sears Merchandise Group. Eye Care Centers, headquartered in San Antonio, operates 129 EyeMasters and Binyon's optical superstores in 15 states. Sears said the sale does not affect the operation of about 600 in- store and freestanding Sears Optical departments and stores. -0- 8/5/93 /CONTACT: Perry Chlan of Sears, 708-286-7079; or Caroline Luz of Desai Capital Management, 212-880-5328/ (S)
CO: Sears, Roebuck and Co. ST: Illinois, Texas IN: REA SU:
SH -- NY032 -- 9776 08/05/93 10:02 EDT
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|Date:||Aug 5, 1993|
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