Cache is Cashing Out
After filing for Chapter 11 bankruptcy protection early this year, apparel retailer Cache said it will end its business operations. Cache Inc. is liquidating and closing all of its stores. Going out of business sales are underway with discounted prices on merchandise. The company is also selling store fixtures, mannequins and any store equipment.
Cache is a women’s clothing store with a flagship presence in many top U.S. malls. At the time of the announced closings, the retailer had over 200 stores in 41 U.S. states, as well as Puerto Rico and the Virgin Islands. The apparel specialty stores average 2,000 square feet. Cache did $279 million in annual sales at its peak, but the company hasn’t turned a profit since 2011.
The company was founded in 1975 as a boutique by Brooklyn-born homemaker Marilyn Rubinson. Cache claims Marilyn was the first to bring well-known high-fashion designers Mugler, Armani and Versace styles to the U.S. Cache originally focused on selling formal dresses to young women. An expansion of its number of stores and the merchandise that it carried ultimately doomed the chain. Its expansion to 300 stores in 2008 was poorly timed and its extension into more casual clothing didn’t suit the brand or go over well.
Cache Inc. continues to maintain its website and social media accounts with updates on merchandise discounts and store closings. Any of the 106 stores that currently remain open will close by May 31, if not sooner. My local store closed last week, leaving the scene below.