Solstice Sunglasses (also known as Solstice Sunglass Boutique or simply Solstice) is a retailer of
sunglasses
Sunglasses or sun glasses (informally called shades or sunnies; more names Sunglasses#Other names, below) are a form of Eye protection, protective eyewear designed primarily to prevent bright sunlight and high-energy visible light from damagin ...
and sunglass
accessories
Accessory may refer to:
* Accessory (legal term), a person who assists a criminal
In anatomy
* Accessory bone
* Accessory breast
* Accessory kidney
* Accessory muscle
* Accessory nucleus, in anatomy, a cranial nerve nucleus
* Accessory nerve ...
founded in
Secaucus, New Jersey
Secaucus ( ) is a Town (New Jersey), town in Hudson County, New Jersey, Hudson County, in the U.S. state of New Jersey. As of the 2020 United States census, the town's population was 22,181, an increase of 5,917 (+36.4%) from the 2010 United St ...
in 2002.
History
Safilo
Safilo Group S.p.A. (acronym of ''Società Azionaria Fabbrica Italiana Lavorazione Occhiali'') is an Italian company that designs, produces, and distributes prescription frames, sunglasses, sports eyewear, ski goggles and helmets, and cycling he ...
acquired Solstice in 2002 and sold it to Fairway LLC in 2019 for $9 million.
On February 18, 2021, Solstice, amongst its retail operator, Solstice Marketing Concepts, LLC, filed for
Chapter 11 bankruptcy
Chapter 11 of the United States Bankruptcy Code ( Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, w ...
in the United States. During the filing, it had plans to shutter some of its retail footprint.
On August 5, 2021, Solstice exited from Chapter 11 bankruptcy after they got a $6.5 million lifeline from financial institution Second Avenue Capital Partners.
On December 15, 2022, non-bank capital lender GemCap Solutions provided a $7 million line of credit to Solstice. As of 2023, Solstice currently operates 45+ stores in the United States.
Controversies
In 2020, Solstice was sued by the owner of the
Palisades Center mall and its guarantors for refusal to pay rent for almost a year. The lawsuit states that Solstice owes the mall nearly $100,000, and that they have not paid rent since March 1, 2020. Their lease at this location was set to terminate on January 31, 2021.
References
External links
Official website
{{Eyewear retailers
Eyewear retailers of the United States
American companies established in 2002
Retail companies established in 2002
2002 mergers and acquisitions
2019 mergers and acquisitions
Companies that filed for Chapter 11 bankruptcy in 2021
Sunglasses