New York—Great American Group, a provider of advisory and valuation services, asset disposition and auction solutions, and a subsidiary of B. Riley Financial, Inc., has begun a”going-out-of-business” sale for all Caché stores in the United States, the Virgin Islands and Puerto Rico.
The women’s specialty retailer filed for Chapter 11 protection on Feb. 4. On March 3, Great American was appointed the successful bidder at auction by the bankruptcy court and will manage the going out of business sales for all 153 retail locations. The sale will include significant discounts on Caché’s inventory of 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 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 CEO Jay Margolis.
As part of the going-out-of-business sales, Great American also acquired Caché’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.
Caché stores will remain open until all merchandise has been sold.
Caché became the fifth specialty retailer to file for bankruptcy in three months. The company had sought a “stalking horse” bidder for its assets but none emerged. The company listed assets of $10 million to $50 million as well as liabilities of $50 million to $100 million.