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11/15/2021

Solstice Sunglasses reduced rents significantly to exit Chapter 11

Al Urbanski
Real Estate Editor & Manager
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Solstice sunglasses will continue to dim the glare of Hollywood lights.

With its revenues slashed in half by mandatory store closings in 2020, Solstice Sunglasses sought bankruptcy protection and emerged from Chapter 11 with fewer shops and smaller rents.

RCS Real Estate Advisors reports that it was able to help Solstice pare its real estate portfolio and reduce rents by 2/3 in the stores the chain kept.

“We believe in Solstice’s future because we now have turnaround plan to remain one of America’s leading purveyors of sunglasses,” said Solstice CEO Mikey Rosenberg. “There’s room in the market for a retailer that makes it convenient and more affordable to buy luxury eyewear."

Solstice stocks top designer brands such as Dior, Gucci, Jimmy Choo and Givenchy, ranging in price $135 Carrera aviators to $875 Dita navigators. It currently operates 40-plus stores, primarily on the East Coast and in California and Texas and runs an online business.