DULUTH, GA — National Vision Holdings Inc., one of the nation’s largest optical retailers announced that as a response to national efforts to help stem the COVID-19 pandemic, it will temporarily close all retail locations through March 28. The company said it will continue to closely monitor the global health crisis with a view of reopening its retail stores as quickly as possible and will provide impacted associates full base pay through March 28.
“The COVID-19 pandemic has created an unprecedented situation that requires rapid response,” Reade Fahs, CEO of National Vision, said in a press release. “In thinking about the health and safety of our associates, optometrists, patients and customers, and the unique affordable models of America’s Best and our other low cost store formats, we decided this temporary measure is the best course of action at this time to protect everyone from further spread of the virus. While eye care and eyewear are critical, during this time of national emergency, we believe it is our responsibility to pause to ensure that people are able to practice social distancing and to allow critical healthcare resources to be devoted to COVID-19.”
National Vision has more than 1,100 retail stores in 44 states plus the District of Columbia and Puerto Rico. It operates America’s Best Contacts & Eyeglasses, Eyeglass World, Vision Centers inside select Walmart stores, Vista Opticals inside Fred Meyer stores and on select military bases, and several e-commerce websites.
The company will maintain its e-commerce services offered through americasbest.com and eyeglassworld.com, as well as discountglasses.com and discountcontacts.com.
Additionally, as a precautionary measure to preserve financial flexibility in light of uncertainties surrounding the COVID-19 pandemic, the company elected to borrow the remaining $146.3 million in available funds under its revolving credit facility. The Company notes that it has no meaningful maturities due until 2024. With this recent drawdown on the revolving credit facility, the Company has over $250 million in available cash on hand.