National Vision Expands Walmart Agreement

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DULUTH, Ga.—National Vision, Inc. (Nasdaq: EYE) (NVI), a wholly-owned subsidiary of National Vision Holdings, Inc., has entered into a third amendment to the management and services agreement with Walmart, Inc., which will be effective as of Jan. 23, 2020, per a filing with the SEC yesterday. The amendment updates the terms of the management and services agreement (the MSA) between Walmart and NVI, dated as of May 1, 2012, to add five additional vision centers located in Georgia to the MSA at a mutually agreeable “go-live date” for each new center. It will also extend the current term of the MSA by six months, to Feb. 23, 2021, and provide that the MSA will automatically renew for an additional three-year term unless, no later than July 23, 2020, one party gives the other party written notice of non-renewal. All other terms and conditions of the MSA remain in effect.

As a result of the amendment, National Vision will now be managing 231 vision centers within Walmart stores pursuant to the MSA.

“In this, National Vision’s 30th year of optical partnership with Walmart, we are pleased to announce that we will be operating five new additional Vision Centers in Georgia, for a new total of 231 Vision Centers within Walmart stores. This expansion further strengthens our relationship, grows our footprint and allows us to further deliver on our mission to make quality eyecare and eyewear affordable and accessible to more Americans," stated Reade Fahs, CEO, National Vision.