The Official Committee of Unsecured Creditors in the Chapter 11 bankruptcy of ICON Eyewear, Inc has retained The DAK Group as its investment bank and financial advisor.

ICON Eyewear, a New Jersey-based eyewear distributor, was founded in 1987 as a manufacturer and importer of fashion and active sunglasses, reading glasses, and related eyeglass accessories for men, women, and children. Its private-label clients include Nordstrom, Forever 21, Urban Outfitters, The Buckle, Ann Taylor, JC Penney, Kroeger, Costco, Target, and Walmart. Icon Eyewear licenses brand names such as Dickies, Zoo York, Geoffrey Beene, Franco Sarto and Sag Harbor.

On December 20, 2018, ICON Eyewear filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the District of New Jersey. Icon Eyewear’s bankruptcy reflects in part the difficulties of small and midsized companies in the eyewear sector. Previously profitable, the company experienced financial problems that included succumbing to competitors with greater resources.

The DAK Group team is led by Sheon Karol, Managing Director, along with Steven Schneider, Senior Associate. Karol states “The filing of the case in New Jersey reflects, among other things, the depth and sophistication of the New Jersey bankruptcy court system and the insolvency professionals in New Jersey. Importantly, if the company is able to restructure its capital structure and continue operations, the local economy, employees and businesses will benefit. Our goal is to maximize the recovery for unsecured creditors by pursuing an approach that is both aggressive and economically sensible for our client.”

The Committee has retained Riker, Danzig, Scherer, Hyland & Perretti LLP as its counsel, led by Joseph Schwartz, Partner, along with Tara Schellhorn, Counsel, and Rachel Atkin, Associate.

 About the DAK Group 

The DAK Group is a leading investment bank serving mid-market privately held businesses in the areas of mergers and acquisitions, business sale, financial restructuring, bankruptcy, capital advisory, valuations, and fairness opinions. Since 1984, The DAK Group has executed hundreds of transactions across a wide range of industries, including food, industrial manufacturing and distribution, telecommunications and technology, business services, packaging, consumer products, and healthcare. The DAK Group is headquartered in Rochelle Park, NJ. www.dakgroup.com.