GREAT NECK, New York – February 4, 2015 – SB Capital Group, LLC, is part of a joint venture chosen as the stalking horse bidder for an auction to be held in the event of liquidation by women’s dress and formalwear retailer Cache Inc. of New York. Cache (Nasdaq: CACH) filed for Chapter 11 bankruptcy court protection in Delaware on February 4.
Through the bankruptcy, Cache plans to close some of its 218 stores and renegotiate its leases. According to the company, the stalking horse agreement with SB Capital Group and partners is part of the company’s “contingency planning.” If successful at auction, SB Capital Group and partners would conduct “Store Closing” or “Going Out of Business” sales at the Cache stores designated to close.
Founded in Miami in 1976, Cache is currently the only US-based women’s retail chain dedicated to dresses, sportswear, and accessories designed for special occasions and daily glamour. While Cache traditionally focused on selling formal dresses, an expansion between 1999 and 2006 that nearly doubled the chain’s store count put more emphasis on sportswear.
SB Capital Group, LLC, a Schottenstein affiliate, is a leader in the field of asset recovery, rescue finance, restructuring and strategic store closing events. With principals who are equity stakeholders in retail enterprises, consumer products, franchising, licensing and real property, SB Capital Group leverages resources and depth of experience to provide services across a wide spectrum of industries.