Refac Optical Group, formerly REFAC, primarily conducts a retail optical business through its subsidiaries, U.S. Vision, Inc. and OptiCare Health Systems, Inc., both acquired on Mar. 6, 2006. The company operates at a total of 543 locations in 47 states and Canada. U.S. Vision, a store-within-a-store retailer, offers optical products and services in the U.S. As of Feb. 2, 2006, U.S. Vision operated 525 locations in 47 states and Canada, consisting of 517 licensed department and 8 freestanding stores. U.S. Vision operates 351 retail optical departments in J.C. Penney department stores. In addition, it operates 67 Sears retail optical departments, 49 retail optical departments in regional department stores, 30 optical departments at a division of Hudson's Bay Company, and 13 departments within Meijer, and 7 retail optical departments within Macy's department stores. U.S. Vision's leased retail optical departments typically range in size from 500 to 800 square feet and are often located within the host department store near other licensed departments such as the beauty salon and photography studio. Within each host department store, U.S. Vision's optical departments are similar in appearance and operated under uniform standards and procedures. U.S. Vision also has 8 freestanding stores, which generally range in size from 900 to 1,400 sq. ft. U.S. Vision also operates a modern optical laboratory and lens grinding facility adjacent to its headquarters in Glendora, NJ. Customer orders for prescription eyewear, sunglasses and contact lenses are transmitted daily from each of the store locations to the central laboratory. OptiCare, an eye care services company, operates through two divisions: Consumer Vision and Managed Vision. Consumer Vision sells retail optical products and owns and/or operates integrated eye health centers, professional optometric practices and surgical facilities. All of Consumer Vision's operations are located in Connecticut. It provides eye care services and products to consumers and patients through a total of 18 retail optical locations and two surgery centers, one of which is a laser correction center. Managed Vision, based in Rocky Mount, NC, contracts with insurers, employer groups, managed care plans, HMOs and other third-party payers to manage claims payment and other administrative services of eye health benefits for contracting parties in 15 states. This division also provides insurance coverage relating to certain eye care products and services. On Jan. 31, 2006, Refac approved a plan to sell Managed Vision.
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