New Look Vision Announces the Completion of New Financing Arrangements
New Look Vision Group announced the finalization of new financing arrangements for $40 million.
With an initial investment in 2013, Fonds de solidarité FTQ (the “Fonds”) reaffirms its confidence in the Company by investing an additional $40 million. The credit facility granted to New Look Vision is part of the Fonds’ plan to support Quebec businesses during the COVID-19 pandemic.
Antoine Amiel, President and CEO of New Look Vision, stated: “Our rapid response to the crisis was centered primarily on the safety and well-being of our employees, associates and clients. This additional investment is part of the financial arrangements we made early in the crisis to ensure our financial autonomy and our ability to resume external growth as early as possible.”
“New Look is well positioned for economic recovery despite the many challenges caused by these exceptional circumstances. The credit facility granted by the Fund provides the Company with the necessary leeway to ensure its growth,” continued Daniel Hinse, Vice-President, Investments, Entertainment and Consumer Products of the Fonds.
New Look Vision showed its solidarity towards healthcare professionals during the coronavirus crisis by launching the “Guardian Angels” program, providing hospital personnel the opportunity to replace broken eyewear quickly. Several thousand pairs, mainly in the greater Montreal area, were distributed including safety glasses.
The gradual store reopening started on May 4 in line with local and professional regulations. Ahead of reopening stores, the Company issued stringent health and safety procedures, undertook extensive training in the form of in-store rehearsals and is providing each location with prescribed PPE.
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