March 3, 2021
BOSTON, Massachusetts – March 3, 2021 – Second Avenue Capital Partners, LLC (“SACP”) (www.secondavecp.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 aide us as we move through the restructuring process,” said KCP Advisory Group LLC’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.