Bankruptucy forces closure of opticians in Austintown and Niles - 21 News Now, More Local News for Youngstown, Ohio -

Bankruptucy forces closure of opticians in Austintown and Niles

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NILES, Ohio - The Optiview stores in Austintown and Niles have closed after parent company MacKeyser Holdings, LLC filed for chapter 11 bankruptcy.

MacKeyser says it filed for bankruptcy protection on June 20, in order to facilitate the wind down and ultimate liquidation of the Company.

MacKeyser says the filing was prompted by a liquidity crisis that was the culmination of various factors including a non-strategic acquisition strategy, unsustainable costs of practice integration, electronic medical records implementation, and general mismanagement.

In addition, upon the discovery of significant accounting irregularities, the Board of Managers launched an investigation, which led to the termination of the Company's former CEO and former COO. On June 6, Thomas J. Allison was appointed to the Board of Managers and as Chief Executive Officer.

Optiview stores at 5537 Mahoning Ave., in Austintown, and 1040 Youngstown Warren Rd, Niles are now closed.  A message on the phone at the Austintown store directs callers to a website for more information about canceled appointments and glasses that have already been purchased, but not yet delivered.

The bankruptcy website says they working with vendors regarding products that are on order. The company says it will notify customers when the product arrives.  If it does not arrive and customers have left a deposit, they are entitled to a refund.

Customers are advised to continue to visiting the website for updated information on receiving products and/or deposit refunds.

A bankruptcy filing in Delaware lists several creditors, including $217,000 owed to eyeglass frame vendor, Optical One, located at 1750 South Avenue in Boardman.

According to a news release from MacKeyser, the  bankruptcy filing will allow the Company to wind down its businesses in an orderly and expeditious fashion for the benefit of its stakeholders.

The release says that the company is in the process of transitioning certain medical practices to their physician partners or other providers and otherwise maximizing value for its stakeholders.

The company will also complete the closure of its unprofitable locations, which has already begun.

As part of the plan, the company is in the process of transitioning some of its optical and hearing practices through a "keepwell" program. The "keepwell" program will maintain continuity of patient care with the support of physician partners pending the ultimate sale of the practices.

MacKeyser Holdings, LLC and its operating affiliates American Optical Services, LLC, and Exela Hearing Services, LLC manage integrated eye care and hearing systems providers with over 80 optical retail, optometry and ophthalmology locations in 14 states.


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