Angelo Randazzo acquires former Ottica Romani stores

Following the application by bankruptcy trustee Giuseppe Righi, last August 9 the Official Receiver of the Bankruptcy Court of Rome, Vincenzo Vitalone, decreed the transfer of the 31 stores of the former Ottica Romani to the Randazzo Group.

After one year, this brought to a close a situation that began with Ottica Romani's adjudication of bankruptcy, followed by the business branch of the company being rented to Angelo Randazzo SpA, and, lastly, by its acquisition for an amount higher than 10 million euros.

The historical Palermo-based group was established in 1880 and it now has 90 directly-managed stores under the Randazzo, Optissimo and now Ottica Romani signs, with billings of almost 80 million euros.

'The acquisition', declared the Chairman of the group Angelo Randazzo, 'is a fundamental part of our strategy as it will give us a cornerstone in such an important market as Rome and will allow us to consolidate our previously limited presence in the center of Italy.'

The group has carried out the expansion project included in its 2003-2005 three-year plan a year ahead of time: 'We are proud of this result' declared Managing Director Gianclaudio Burgio. 'Together with the rationalization of the network and current management, it has been pursued at a time when the economic situation is far from positive. In this difficult situation', the Managing Director continued, 'recognition is due to those in the Financial Community who have supported us and have correctly evaluated our Group's programs and potential.'