About Eyecare USA
Retailer of eyewear products through 27 outlets in California. EyeCare approaches the vision care industry as a group practice; the Company is licensed to operate as a health maintenance organization (HMO) which can be joined by individuals or by groups and which also acts as a preferred provider for other HMO's and insurance plans. A typical EyeCare outlet consists of 1,500 square feet in a regional or neighborhood strip-mall or mall. The average customer transaction is approximately $150. During 1988, it was discovered that illegal activities (none involving any criminal activity by EyeCare) had been conducted by several senior members of the old management team. As the result of subsequent business developments, the company filed for Chapter 11 in mid-1989. In May 1989, the Company and its current President bought 100% of the previous investors' equity/debt holdings in return for a $1.4MM five year note. Previous investors include Centennial Fund, Greyrock, Harvard Management, and John Hancock.