Following Chapter 11 Filing, CACHE Launches Going-Out-of-Business Sale

3/9/2015
Great American Group (GA), a provider of advisory and valuation services, asset disposition and auction solutions, commercial lending services and a subsidiary of B. Riley Financial, Inc., has begun "going-out-of-business" sales for all CACHE's retail locations in the U.S., the Virgin Islands and Puerto Rico.

The company filed for Chapter 11 protection on Feb. 4, 2015. On March 3, 2015, GA was appointed the successful bidder at auction by the bankruptcy court and will manage the going out of business sales for all 153 CACHE retail locations. The sale will offer significant discounts on the retailer's inventory of women's apparel and accessories, including evening wear, event and day dresses, casual sportswear and accessories. Select furniture, fixtures and equipment at stores, warehouses and corporate offices will also be for sale.

"For over thirty years, we've built a reputation of providing a premier boutique shopping experience that caters to fashion-conscious women.  For that, we'd like to thank our customers for their incredible loyalty over the years and our associates for their commitment in maintaining the high level of customer service we are known for throughout this transition," said Jay Margolis, CACHE.

As part of the auction, GA also acquired CACHE's intellectual property and lease designation rights for all retail locations.  GA is actively engaged with numerous parties regarding a strategy to monetize these assets.

"Great American has extensive experience working with very large specialty retailers and creditors in managing complicated and sensitive situations like CACHE," said Scott Carpenter, president of GA's Retail Solutions division. "This transaction marks our fifth major liquidation in the last six months and underscores Great American's superior expertise in the retail liquidation segment.

Store locations will remain open until all merchandise has been sold. CACHE gift cards will be honored through April 5, 2015.  For a complete listing of closing store locations and the latest sale information, please visit www.cache.com.
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