IN THE NEWS
SECOND AVENUE CAPITAL PARTNERS PROVIDES A $6.5 MILLION DIP FACILITY TO SOLSTICE SUNGLASSES
BOSTON, Massachusetts – March 4, 2021 – Second Avenue Capital Partners, LLC (“SACP”) (www.sacp.com) has provided $6.5 million in debtor-in-possession (“DIP”) financing to Solstice Sunglasses, the second-largest sunglass retailer in the United States. The DIP facility delivers supportive capital to Solstice as the retailer commences a restructuring.
“The DIP financing package from SACP will aid us as we move through the restructuring process,” said KCP Advisory Group’s Jacen Dinoff, who was recently appointed Chief Restructuring Officer of Solstice Sunglasses. “We are focused on using this time of transition to make the necessary changes to the Solstice business and position the company for long-term success.”
Solstice Sunglasses offers a unique retail experience for consumers looking for luxury, designer, and sport sunglasses — with the service and style to match. The vast hand selected assortment from the top brands is specially curated for quality and style. From timeless to trendsetting, posh to performance-ready, Solstice Sunglasses has something to fit ever-changing lifestyles and activities. The company strives to provide a uniquely positive shopping experience across their 66 retail locations and an e-commerce site, solsticesunglasses.com.
“Second Avenue Capital Partners’ commitment to our endeavors offers us an opportunity to move beyond the challenging climate we’ve operated under for the last year,” said Mikey Rosenberg, Chief Executive Officer. “We know this restructuring will bring renewed focus on our mission to provide our customers with a distinctive selection of sunglasses and a unique retail experience. SACP’s responsiveness and sense of urgency were vital to this process and we look forward to working with them.”
“When Mikey Rosenberg came to us, we looked at the company’s position in the marketplace and quickly recognized the value in helping to advance their restructuring goals,” said Chris O’Connor, President of SACP. “Unlike some segments of specialty retail, Solstice Sunglasses has less direct-competitor pressure which affords them the latitude to fine-tune their niche position and stabilize the business. Anytime we can help a company while they work to right-size and preserve jobs as an ongoing entity, we’re proud to play a role.”
The Company has retained Morgan, Lewis & Bockius L.L.P. as its legal counsel, RCS Real Estate Advisors to advise on all store leases, and KCP Advisory Group LLC’s Jacen Dinoff as Chief Restructuring Officer.
About Second Avenue Capital Partners – Second Avenue Capital Partners, LLC (“SACP”) (www.sacp.com), a Schottenstein Affiliate, specializes in asset-based loans for the broader retail and consumer products industry. Serving middle-market companies, SACP leverages the experience of retail operators, product merchants, and lenders to deliver an array of customized, capital solutions. A unique merchant perspective gives SACP the ability to recognize and unlock value in assets other capital providers often overlook or do not understand. The firm’s tailored financial solutions are a vital resource for clients seeking capital to effectuate strategy and achieve financial objectives. SACP is headquartered in Boston with additional offices in New York, Columbus, and Los Angeles.
About Solstice Sunglasses – Solstice Sunglasses is a luxury sunglasses boutique carrying the finest assortment of designer, contemporary and sport sunglasses for women, men, and children. Solstice Sunglasses is committed to quality, in both our service and selection offered. We hand select our assortments to ensure a refined offering, which includes Italian handmade luxury sunglasses from iconic brands including Dior, Dior Homme, Fendi, Givenchy, Gucci, Jimmy Choo, and Tom Ford. The contemporary collection boasts of Boss, Carrera, Kate Spade, Marc Jacobs, and Ray-Ban, and for your performance needs Maui Jim, Oakley, and Smith Optics. Shop Solstice Sunglasses from one of our stores across the US, or from the convenience of your home at solsticesunglasses.com. Solstice Sunglasses offers Free shipping on all online purchases, a replacement guarantee, complimentary repairs, fittings and cleanings, plus hassle-free returns all in an elegant luxurious environment.
About KCP Advisory Group – KCP Advisory Group is headquartered outside of Boston. KCP is considered a leading business advisory firm built on the success of its professionals who specialize in providing creative solutions and aiding clients in rehabilitating their businesses. KCP renders services spanning a range of advisory roles from consulting to interim leadership. By recognizing the uniqueness of each engagement, KCP ensures the needs of the situation are met and minimize the cost of valuable solutions by working in small, specialized expert teams. This format provides the experience of a wide range of businesses and industries, to assist a client whether they are healthy, challenged, or distressed and whether the challenges include performance improvement or financial advisory services or turnaround and restructuring.