December 19, 2019
Shopko Optical continues to provide top-quality eye care with the support of Monarch Alternative Capital
GREEN BAY, Wis. – Shopko Optical, a leading provider of quality eye care services to communities for over 40 years, is pleased to announce the opening of 80 free-standing optical centers in 180 days! Continuing its dramatic growth, Shopko Optical is planning to open an additional 35 optical centers in 2020.
Russ Steinhorst, Shopko Optical Chief Executive Officer, credits the achievement to the dedication and teamwork of all involved in the operation. “I’m incredibly proud of our team, their focus on opening our new centers and their efficiency in making it a reality, especially the commitment and tireless efforts of our store development, operations, and IT teams.” Steinhorst said. “This was a very smooth transition as we were able to retain our loyal patients, optometrists and optical staff through the process.”
He also recognizes the trusted partnership with Monarch Alternative Capital as a crucial element of the success. “Without the guidance and support of Monarch and the Shopko Optical board, in particular Arthur Rubinfeld of Airvision and Jim Eisen, these openings would not have been a reality,” said Steinhorst.
In May 2019, Monarch acquired Shopko Optical. Founded in 2002, Monarch has a long-standing history of investing in promising companies undergoing transitions and working alongside their leadership teams to build successful businesses moving forward.
Monarch principal and chairman of the Shopko Optical board, Ian Glastein, is thrilled with the feat. “When we partnered with Shopko Optical in May, we knew this endeavor was an important part of the growth strategy,” Glastein said. “To see our vision play out in these 80 center openings is an incredible accomplishment for Shopko Optical.”
With the opening of 80 optical centers in the span of 180 days, Shopko Optical is underscoring the message that it is committed to the communities in which it has been established for decades. It is an exciting time for Shopko Optical and for its optometrists and optical staff who continue to serve their local patients.
Shopko Optical centers have been opened in Idaho, Illinois, Iowa, Michigan, Minnesota, Montana, Nebraska, South Dakota, Utah, Washington and Wisconsin.
About Shopko Optical
Shopko Optical, is the trade name of Shoptikal LLC, an affiliate of Monarch Alternative Capital LP. For more than 40 years, Shopko Optical has provided excellent patient-centric care and high-quality eyewear through its dedicated team of nearly 700 optometrists (independent doctors of optometry in IA, ID, MT, SD and WA) and opticians. Shopko Optical expects further growth in 2020 and beyond. For more information, visit Shopko.com.
About Monarch Alternative Capital LP
Monarch Alternative Capital LP is a private investment firm with approximately $5 billion in assets under management across various investment vehicles. Monarch was founded in 2002 and focuses primarily on opportunistic investing across distressed debt, special situations and real estate. The firm has offices in New York and London.
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