Solstice Marketing Concepts LLC Files Voluntary Petition under Chapter 11 in effort to Restructure and Improve Financing Options
NEW YORK–(BUSINESS WIRE)–Solstice Marketing Concepts LLC, (“Solstice”) the second-largest retailer of sunglasses in the U.S., today announced that it has filed a voluntary Chapter 11 petition for relief in the United States Bankruptcy Court for the Southern District of New York in Manhattan. Solstice is a luxury sunglasses boutique carrying an assortment of designer, contemporary, and sport sunglasses for women, men, and children with locations in outlet centers, malls, and online at www.solsticesunglasses.com. It intends to reorganize and emerge from bankruptcy as a going concern.
Solstice reported that its retail store business has been significantly impacted by COVID-19. As a result of mandatory store closures in key markets and stay-at-home orders throughout the country, Solstice’s retail sales during the pandemic have been more than 50% lower than 2019 with limited relief to compensate for stores being closed and shoppers afraid or unable to shop.
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. The Company is seeking financing upon Bankruptcy Court approval to fund ongoing operations during the restructuring process.
“We are optimistic about reorganization as we continue to see increasing business in our stores as COVID restrictions are lifted and in the new fashions that our vendors are providing. We are now dedicating ourselves to the necessary changes to our business and the restructure of our obligations for the benefit of our employees, critical suppliers and other stakeholders,” stated Solstice’s CEO, Mikey Rosenberg.
About Solstice Marketing Concepts, LLC
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 its service and selection offered. Solstice hand selects its assortments to ensure a refined offering, which includes Italian handmade luxury sunglasses from iconic brands from Dior, Fendi, Givenchy, Gucci, Jimmy Choo, and Tom Ford. The contemporary collection boasts of Boss, Carrera, Kate Spade, Marc Jacobs and Ray Ban, Maui Jim, Oakley, and Smith Optics. It has 66 retail stores and sells online at www.solsticesunglasses.com
Contacts
KCP Advisory Group LLC
Marie Shirley, 978-362-2401
[email protected]
