Second Avenue Capital Partners provided $6.5 million in debtor-in-possession financing to Solstice Sunglasses, a sunglasses retailer in the United States. The DIP facility will deliver supportive capital to Solstice as the retailer commences a restructuring.
“The DIP financing package from SACP will aid us as we move through the restructuring process,” Jacen Dinoff of KCP Advisory Group, who was recently appointed chief restructuring officer of Solstice, said. “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.”
“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,” Mikey Rosenberg, CEO of Solstice Sunglasses, said. “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,” Chris O’Connor, president of Second Avenue Capital Partners, said. “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.”
In addition to retaining Dinoff as chief restructuring officer, Solstice retained Morgan, Lewis & Bockius as its legal counsel and RCS Real Estate Advisors to advise on all store leases.
