The American company, whose sales rose by 84 percent in the first seven months of this year, voluntarily filed for Chapter 11 bankruptcy last Feb. 9 because of lack of cash and of financial support from its shareholders. On Aug. 22, the U.S. Bankruptcy Court for the Southern District of Florida approved a reorganization plan that will allow it to get out of it.
The reorganization of Pro Fit Optix goes with a major recapitalization of the company by a new private equity investor, HCA Capital of Florida, that is taking over the majority of the shares.
Rudolf Suter, the well-known industry veteran from Switzerland, remains chief executive and president of the company, based in Texas.
Earlier this month, Pro Fit Optix announced that it had decided to stop working with Rodenstock to concentrate on its core business, centered on its Smart Eyewear platform and its ProFitCalc software. The system allows eye care professionals and managed vision care groups to order frames and free-form lenses from distant laboratories online. An iPad application is going to follow soon.
The former deal with Rodenstock consisted of the distribution of the German company's semi-finished lens blanks and frames in the U.S. Pro Fit Optix said it would continue to ship from its current inventories for at least 90 days from July 15. More recently, it has been offering major discounts to help liquidate those inventories.