NEW YORK — Solstice Marketing Concepts LLC, a retailer of sunglasses, has filed a voluntary Chapter 11 petition.
The company stated in a press release that it “intends to reorganize and emerge from bankruptcy as a going concern.” It made the filing in the U.S. Bankruptcy Court for the Southern District of New York in Manhattan.
The release explained:
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 said it 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,” said Mikey Rosenberg, CEO of Solstice. “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.”
Solstice is the second-largest retailer of sunglasses in the U.S., according to the release. It has 66 retail stores and also sells online.