Solstice Sunglasses Exit Chapter 11 with $ 6.5 Million Exit Facility from Second Avenue Capital Partners


BOSTON, August 5, 2021 / PRNewswire / – Solstice Sunglasses, the second largest sunglasses retailer in United States, today announced that it has successfully released Chapter 11 with the support of a $ 6.5 million exit financing facility provided by Second Avenue Capital Partners, LLC (“SACP”) (www.secondavecp.com). Solstice filed for receivership in February, giving them the opportunity to restructure the business as the country tries to recover from the impact of COVID-19 disruptions.

“We are a leaner and more efficient operation resulting from this process,” the KCP advisory group said. Jacen Dinov, Director of Restructuring of Solstice Sunglasses. “The restructuring gave us the opportunity to properly assess and size our store footprint. At the same time, we’ve been dedicated to refining our unique selection of offerings both online and in-store, while capitalizing on our hard-earned reputation for excellent customer service. “

“We are delighted that Second Avenue Capital Partners has remained committed to our efforts,” said Mikey Rosenberg, Chief Executive Officer. “Working with them on the PID first, and now this exit funding package, has given us the continuity of the support we needed to successfully exit Chapter 11. Exiting the COVID challenge and exiting this Chapter 11 restructuring. has made the company stronger for all of our stakeholders, employees and customers. We will continue on the path we have established and remain focused on providing our customers with the most distinctive and unique collection of sunglasses available in the market. “

Mr. Rosenberg continued, “We also owe our sincere gratitude to the many team members who have remained with us throughout this process. Without their continued support, none of this would have been possible.

Solstice Sunglasses provides a unique retail experience for consumers seeking luxury, designer and sports sunglasses, with the service and style to match. The vast assortment hand-picked from top brands is specially designed for quality and style. Whether timeless or avant-garde, chic or performance-ready, Solstice sunglasses have something to suit ever-changing lifestyles and activities. The company strives to provide a unique and positive shopping experience in its points of sale and an e-commerce site, lunettessolstices.com.

“Solstice Sunglasses is one of the success stories of this very difficult time for retailers,” said Chris O’Connor, president of the SACP. “They had a vision to stabilize the business and we knew it was a viable plan that we could endorse. We are passionate about helping businesses overcome challenges and supporting Solstice throughout their restructuring and transformation. their successful emergence is an example of SACP going beyond a mission statement. As a lender with retail affiliations, it is important for SACP to support other retailers and give them the flexibility they need to prosper and preserve jobs. “

The Company has retained the services of Morgan, Lewis & Bockius LLP as legal counsel, RCS Real Estate Advisors to advise on all store leases and KCP Advisory Group LLC. Jacen Dinov as head of restructuring.

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About Second Avenue Capital Partners – Second Avenue Capital Partners, LLC (“SACP”) (www.secondavecp.com), a subsidiary of Schottenstein, specializes in asset-based lending for the broader retail and consumer products industry. Serving mid-market businesses, SACP leverages the experience of retail operators, commodity merchants and lenders to deliver a range of customized capital solutions. A unique business perspective gives SACP the ability to recognize and unlock the value of assets that other capital providers often overlook or don’t understand. The Company’s tailored financial solutions are a vital resource for clients seeking capital to execute their strategy and achieve their financial goals. The SACP is headquartered in Boston with additional offices at new York, Columbus and Los Angeles.

About Solstice sunglassesSolstice Sunglasses is a luxury sunglasses store offering the best assortment of designer, contemporary and sporty sunglasses for women, men and children. Solstice Sunglasses is committed to quality, both in our service and in the selection offered. We select our assortments by hand to guarantee a refined offering, which includes Italian luxury handmade sunglasses from iconic brands such as 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 Maui Jim performance needs, Oakley, and Smith Optics. Buy Solstice sunglasses at one of our stores across the United States, or from the comfort of your home at lunettessolstices.com. Solstice Sunglasses offer free shipping on all online purchases, a replacement warranty, free repairs, adjustments and cleanings, plus hassle-free returns, all in a luxurious and stylish environment.

About the KCP Advisory GroupKCP Advisory Group is headquartered outside of Boston. KCP is considered to be a leading business consulting firm built on the success of its professionals specializing in providing creative solutions and helping clients rehabilitate their businesses. KCP provides services covering a range of advisory roles from consulting to interim management. By recognizing the uniqueness of each engagement, KCP ensures that the needs of the situation are met and minimizes the cost of valuable solutions by working in small teams of specialist experts. This format provides the experience of a wide range of businesses and industries, to help a client whether they are healthy, struggling or struggling and whether the challenges include improving the performance or service of financial advice or a turnaround and restructuring.

SOURCE Second Avenue Capital Partners, LLC

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