Garden City, N.Y. Kentucky-based Houchens Industries Inc. completed the acquisition of Cohenâ€™s Fashion Optical on Monday. The chain, which operates more than 100 stores across New York, Massachusetts, New Jersey, Connecticut, New Hampshire, Florida and Puerto Rico, could expand into a national chain under Houchensâ€™ direction, according to Houchensâ€™ president Spencer Coates.
Under the agreement, Robert Cohen, president of Cohen Fashion Optical, will stay on as the president of the Cohenâ€™s division within Houchens. The new company will also retain the chainâ€™s management team to run daily operations. Other than reporting that the acquisition was a cash deal, Houchens did not disclose additional terms of the acquisition.
The acquisition marks Houchensâ€™ leap into a new retail segment, according to the companyâ€™s chairman, Jimmie Gipson. Houchens, which is a 100% employee-owned company, founded and created a network of grocery stores that operate under the banners Food Giant, IGA, Piggly Wiggly and Mad Butcher.
Houchens is currently considering three or four other acquisitions, according to Coates.