Jacen Dinoff of KCP Advisory Group is serving as chief restructuring officer to Solstice Marketing Concepts in the company’s recent Chapter 11 filing.
Solstice is a luxury sunglasses boutique carrying designer, contemporary and sport sunglasses for women, men and children, with locations in outlet centers and malls as well as online distribution.
Solstice reported that its retail store business has been significantly impacted by COVID-19. As a result of mandatory store closures and stay-at-home orders, 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 being afraid or unable to shop.
Morgan, Lewis & Bockius is serving as Solstice’s legal counsel and RCS Real Estate Advisors will advise on all store leases. 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,” Mikey Rosenberg, CEO of Solstice, said.
