Dive Brief:
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After filing for Chapter 11 bankruptcy protection early last month, women’s apparel retailer Cache said it will end its business operations.
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Appraisals and valuations company Great American Group won Cache’s assets at its March 3 bankruptcy auction and has commenced a going-out-of-business sale at each of the retailer’s locations in the U.S., Virgin Islands, and Puerto Rico.
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All apparel and store furniture and fixtures will be sold at significant discounts, and Great American Group is seeking ways to monetize the retailer’s property and lease rights. Stores will open until everything is sold, and gift cards will be honored through April 5, the company said.
Dive Insight:
It’s safe to say that Cache lost its cachet a while ago, and it has now reached the end of the line. A brand that once signaled money and taste hasn’t been able to survive the current troubled climate for apparel retail, failing to turn a profit since 2011.
"For over thirty years, we've built a reputation of providing a premier boutique shopping experience that caters to fashion-conscious women," said CEO Jay Margolis in a statement. "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.
