Vision Group Holdings files for bankruptcy

West Palm Beach, Fla.-based Vision Group Holdings filed for Chapter 11 bankruptcy, claiming the COVID-19 pandemic worsened its financial issues.

What you should know:

1. Vision Group Holdings operates the Laser Vision Institute and TLC Laser Eye Centers brands, and is backed by private equity-investors.

2. The company will sell to a new ownership group as a result of the filing and will use the sale to restructure its debt profile in an attempt to strengthen its balance sheet.

3. Several potential suitors are interested in acquiring Vision Group Holdings, with a sale expected to close in September.

4. The company had to close all its locations and temporarily lay off its team members in response to COVID-19 related closures.

Company CEO Lisa Melamed said: "While our centers were closed in response to the pandemic, we are excited to report that we have started to reopen and are currently treating new patients. We expect to emerge from the proceedings stronger and more viable than ever for our team members, surgeons, patients and partners"

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