GREEN BAY, WI — Monarch Alternative Capital LP announced the completion of its previously announced acquisition of Shopko Optical.
The company expects to relocate nearly 80 of its current locations housed inside Shopko stores to freestanding locations, according to a press release. Shopko is a retail chain that recently announced plans to wind down its operations.
“We are excited to welcome Shopko Optical into our portfolio and to invest in the company’s growth as we move forward with our strategy,” said Andrew Herenstein, co-founder and managing principal of Monarch. “Monarch has a long, successful history of investing in great companies undergoing transitions and working alongside their leadership teams to build strong, vibrant businesses of the future.”
Jim Eisen, former president of Visionworks, is working as an operating partner with Monarch alongside the Shopko Optical team.
“I’m grateful for the opportunity to join the Shopko Optical team,” Eisen said. “We are committed to continuing to provide quality patient care and outstanding service that our affiliated doctors of optometry and opticians have provided for over 40 years. It is an exciting time to be part of the Shopko Optical family.”
Over the course of 2019, Shopko Optical expects to relocate approximately 80 stores, while continuing to serve patients and customers in their existing locations during the transition.
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“As we move forward with our plans to operate 80 freestanding optical locations, we continue to be dedicated to our patients, doctors, opticians and the communities we serve,” said Russ Steinhorst, CEO of Shopko. “We encourage anyone with questions to please get in touch with our team. We appreciate the continued patronage of our patients and their understanding during what we hope to be a continued smooth transition.”
