IN THE NEWS
SOLSTICE SUNGLASSES EMERGES FROM CHAPTER 11 WITH $6.5 MILLION EXIT FACILITY FROM SECOND AVENUE CAPITAL PARTNERS
BOSTON, Massachusetts – August 05, 2021 – Solstice Sunglasses, the second-largest sunglass retailer in the United States, announced today it has successfully emerged from Chapter 11 with the support of a $6.5 million exit financing facility provided by Second Avenue Capital Partners, LLC (“SACP”). Solstice filed for bankruptcy relief in February giving them an opportunity to restructure the business as the country tries to recover from the impact of COVID-19 disruptions.
“We are a leaner, more efficient operation coming out of this process,” said KCP Advisory Group’s Jacen Dinoff, Chief Restructuring Officer of Solstice Sunglasses. “The restructuring gave us the opportunity to evaluate and right-size our store footprint. Simultaneously, we have rededicated ourselves to refining our unique selection of offerings both online and in-store while also capitalizing on our hard-earned reputation for excellent customer service.”
“We’re pleased Second Avenue Capital Partners remained committed to our efforts,” said Mikey Rosenberg, Chief Executive Officer. “Working with them on first the DIP, and now this exit financing package, has given us the continuity of support we needed to successfully emerge from Chapter 11. Coming out of the COVID challenge and emerging from this Chapter 11 restructuring has strengthened the Company for all our stakeholders, employees and customers alike. We’ll continue along the path we’ve established and remain focused on providing our customers with the most distinctive and unique collection of sunglasses available anywhere in the marketplace.”
Mr. Rosenberg continued, “We also owe our sincerest gratitude to the many team members who remained with us through this process. Without their ongoing support, none of this would have been possible.”
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 retail locations and an e-commerce site, solsticesunglasses.com.
“Solstice Sunglasses is one of the success stories coming out of this very challenging time for retailers,” said Chris O’Connor, President of SACP. “They had a vision for stabilizing the business and we knew it was a viable plan we could endorse. We have a passion for helping companies overcome challenges and supporting Solstice through their restructuring and successful emergence is an example of SACP going beyond a mission statement. As a lender with retail affiliations, it’s important for SACP to support other retailers and give them the flexibility they need to thrive and preserve jobs.”
The Company retained Morgan, Lewis & Bockius LLP 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.