Optical Express Files Notice of Intention to Appoint Administrators for a Subsidiary

1 October 2012

Optical Express Group has filed a notice to appoint administrators on one of its subsidiaries which could result in the closure of around 40 stores according to Property Week.

Only yesterday some research came out that said that retail administrations were down 15%.  However this recent development does follow the September Quarter day which is often a catalyst for these businesses to go into administration

123 Leeds Limited is the subsidiary that runs 83 of the 170 stores around the country. Bryan Jackson, Anne Buchanan and Ian Schofield at PKF are to be appointed according to reports.

A spokesman for Optical Express said the subsidiary currently holds the leases of 83 stores but the retailer would seek to buy back a number of them, meaning approximately 40 Optical stores will be closed. The spokesman added the retailer did not intend to put any of its other subsidiaries into administration.

The Chairman said that the stores that are likely to close are those in "tertiary locations" as they have suffered from competition from out of town shopping centres and the general cutting back on spending.