Solstice Sunglasses, the second-largest sunglass retailer in the United States, announced it has successfully emerged from Chapter 11 with the support of a $6.5 million exit financing facility provided by Second Avenue Capital Partners ("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 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.
Source : https://www.abladvisor.com/news/31735/solstice-sunglasses-emerges-from-chapter-11-second-avenue-capital-partners-prov501