Spectacles to Remain in the City of Detroit With the Support of Lear Corporation

News provided by

Jul 25, 2017, 07:00 ET

SOUTHFIELD, Mich., July 25, 2017 /PRNewswire/ -- Lear Corporation [NYSE: LEA], a leading global supplier of automotive seating and electrical systems, today announced that Spectacles, an independent retail boutique, located in the Harmonie Park district of Detroit will be completely renovated and remain at its present location on 230 East Grand River Avenue.

For the past 34 years, Zana Smith's Spectacles has been located in the heart of Downtown Detroit. Spectacles carries both men's and womenswear, books, CDs, albums, hats and of course a variety of glasses. Spectacles has acted as a cultural hub in the city of Detroit giving many performers and designers a platform to launch their brands.

In 2015, Lear Corporation purchased the historic building located at 230 East Grand River Avenue in Detroit. Initially there was much concern about whether or not Spectacles would weather the transition of ownership. Loyalists of Spectacles voiced their concern about how important it is that black-owned and operated businesses are kept downtown. As the loyalists were speaking, Lear Corporation was listening.

Lear has been extremely committed to Smith and her store Spectacles, assuring her that Spectacles still had a home at 230 East Grand River. Lear is currently in the process of completely updating and renovating the building. Lear intends to utilize floors 4 to 7 for administrative office space, executive offices and a new business incubation center. The remaining floors will be leased to business partners and professional service providers.

"We were happy to work together with Zana to update her store, and work out a financial arrangement whereby Spectacles could remain in the Harmonie Park location," commented Matt Simoncini, Lear president and CEO. "During the renovation of the building, we have provided the space to Spectacles on a rent-free basis. We are very interested in supporting an independent business and keeping it in the City of Detroit," Matt added.

"Lear Corporation has been more than accommodating during the process of renovation," said Smith. "They have worked with me closely to make sure that my doors did not have to close during this time. For that I will always be grateful."

Smith is excited for the renovations to the interior of her store that Lear will be funding. She believes this will be the breath of fresh air that Spectacles needs to move forward toward continued success.

"It comes as no surprise that Lear Corporation has shown such commitment to me and my business, based on its outstanding track record as an engaged corporate citizen doing community work and heading so many charitable initiatives," added Smith. "I look forward to a fruitful relationship with Lear as the completion of the 230 East Grand River Avenue approaches."

About Lear
Lear Corporation (NYSE: LEA) was founded in Detroit in 1917 as American Metal Products. In 2017, the Company will celebrate its 100th year anniversary. Lear is one of the world's leading suppliers of automotive seating systems and electrical distribution systems (E-Systems). Lear serves every major automaker in the world, and Lear content can be found on more than 400 vehicle nameplates. Lear's world-class products are designed, engineered and manufactured by a diverse team of approximately 156,000 employees located in 38 countries. Lear currently ranks #151 on the Fortune 500. Lear's headquarters are in Southfield, Michigan. Further information about Lear is available at http://www.lear.com or follow us on Twitter @LearCorporation.

SOURCE Lear Corporation