Garden City, N.Y. Kentucky-based Houchens Industries Inc. completed the acquisition of Cohen’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 Houchens’ direction, according to Houchens’ president Spencer Coates.
Under the agreement, Robert Cohen, president of Cohen Fashion Optical, will stay on as the president of the Cohen’s division within Houchens. The new company will also retain the chain’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 Houchens’ leap into a new retail segment, according to the company’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.