Women’s lifestyle retailer Caché going out of business
Caché has stores in Puerto Rico and the U.S. Virgin Islands. (Credit: www.cache.com)
Women’s lifestyle and luxury retailer Caché is going out of business, closing all of its 153 locations, including the one store it has in Puerto Rico in Plaza Las Américas, its parent company, Great American Group, announced Monday.
The company filed for Chapter 11 protection on Feb. 4, 2015, and less than a month later, on Mar. 3, GA was appointed the successful bidder at auction by the bankruptcy court and will manage the going out of business sales.
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 more than 30 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, CEO of Caché.
As part of the auction, GA also acquired Caché’s intellectual property and lease designation rights for all retail locations.
“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. Caché gift cards will be honored through April 5, 2015.
