EXHIBIT 99.1

                 COLE NATIONAL ANNOUNCES ONE MONTH EXTENSION OF
                            TARGET OPTICAL CONTRACT


       Cleveland, Ohio, January 30, 2004 -- Cole National Corporation (NYSE:
CNJ) today announced that it has extended its agreement with Target Corporation,
under which the Company operates licensed optical departments in 265 Target
Stores, through February 28, 2004. As previously disclosed, this agreement was
set to expire on January 31, 2004.

       The Company continues its discussions with Target Corporation regarding a
renewal of the agreement on modified terms. No assurances can be given as to the
outcome of the discussions. As disclosed in the Company's earnings release in
December, the Company would incur significant pre-tax charges if it exits the
Target Optical business, relating primarily to the write-down of fixed assets
and inventory, and the payment of severance. It is currently estimated that
exiting the Target Optical business at the end of the one month extension would
result in a pretax charge of approximately $20 million. Approximately
three-quarters of this charge would be non-cash.

         ABOUT COLE NATIONAL

         Cole National Corporation's vision business, together with Pearle
franchisees, has 2,197 locations in the U.S., Canada, Puerto Rico and the Virgin
Islands and includes Cole Managed Vision, one of the largest managed vision care
benefit providers with multiple provider panels and nearly 20,000 practitioners.
Cole's personalized gift business, Things Remembered, serves customers through
728 locations nationwide, catalogs, and the Internet at
www.thingsremembered.com. Cole also has a 21% interest in Pearle Europe, which
has 1,480 optical stores in Austria, Belgium, Denmark, Estonia, Finland,
Germany, Italy, Kuwait, Norway, the Netherlands, Poland, Portugal, Russia and
Sweden.

         FORWARD LOOKING STATEMENT

         The Company's expectations and beliefs concerning the future contained
in this document and the Form 10-Q are forward looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Actual results
may differ materially from those forecasted due to a variety of factors that can
adversely affect the Company's operating results, liquidity and financial
condition, such as the changes in the costs associated with expiration or
renewal of the Company's agreement with Target Corporation; the timing and
achievement of improvements in the operations of the optical business; and the
Company's relationships with host stores and franchisees. The Company does not
assume any obligation to update the forward looking statements in this press
release.