Sometimes even companies with the most vision can get blinded by financial challenges. Michigan residents may be familiar with innovator Ron Blum's long-standing eyeglass company PixelOptics, which filed for Chapter 7 bankruptcy earlier this month after an extended period of fiscal distress. The company's parent organization, The Egg Factory, intends to move forward despite this setback and continue to develop advanced eye care solutions.
According to the filing, the company has been experiencing economic downturn throughout the year. Despite their best efforts, company officials have said the company's options have been "exhausted". While it is unknown what level of debt the company is currently carrying, their assets may be difficult to categorize.
The company's assets are largely intellectual in nature, taking the form of over 400 technological patents, current and pending, across the nation. These patents certainly have the potential to be very lucrative if put up for sale, but it will be difficult to foresee how much money the company stands to generate from their liquidation. Regardless, company founder Blum intends to retain control of the parent company and continue to research and develop products and technologies designed to improve vision for Americans everywhere.
Economic downturn can often be felt keenly in research and development companies, where capital is so important to continued production. However, as Michigan business owners can attest, a Chapter 7 does not have to mean the end of that productivity. Clearing the slate of PixelOptics' existing debt will allow The Egg Factory to continue operation well into the foreseeable future.
Source: roanoke.com, Roanoke County eyeglass innovator PixelOptics files for bankruptcy, Duncan Adams, Nov. 5, 2013