Sunglasses retailer Solstice Marketing Concepts LLC filed for bankruptcy with a plan to restructure and seek new financing.
Solstice, which describes itself as the second-largest retailer of sunglasses in the U.S., operates 66 stores along with an e-commerce site.
Solstice’s retail sales during the pandemic have declined more than 50 percent from 2019 with limited relief to compensate for stores being closed and shoppers afraid or unable to shop.
“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,” said Solstice’s CEO, Mikey Rosenberg in a statement. “We are now dedicating ourselves to the necessary changes to our business and the restructuring of our obligations for the benefit of our employees, critical suppliers and other stakeholders. “
Jacen Dinoff of KCP Advisory Group LLC is the chief restructuring officer. Attorney Craig Wolfe of Morgan, Lewis and Bockius LLP in New York is representing Solstice in the proceedings. The petition was filed in the U.S. Bankruptcy Court for the Southern District of New York.
Photo courtesy Solstice Marketing Group
