If you have a gift card sitting around for women’s clothing retailer Caché, it’s time to dig it out of the depths of your purse and use it. The company wasn’t able to find a buyer to keep some version of its business alive into the future, and going-out-of-business sales began over the weekend.
Cache originally focused on selling formal dresses to young women, but a recent expansion of its number of stores and the merchandise that it carries ultimately doomed the chain. Its expansion to 300 stores was poorly timed, and its expansion into more casual clothing didn’t suit the brand or go over well. The company hasn’t turned a profit since 2011. When intially filing for bankruptcy protection last month, chairman and CEO Jay Margolis said that the company was filing “with the goal of securing Cache’s future.” No buyers were interested in that future, apparently, and the 153 stores that remain open will close by May 31.
Liquidation sales have already begun, and stores will accept Cache gift cards until April 5. Use up your gift cards when you hear that a retailer might be in trouble: otherwise, you might end up losing the money altogether, or picking through the dregs at a liquidation sale.
Cache Gift Cards Expire Early Next Month [Wall Street Journal] (via Chain Store Age)
by Laura Northrup via Consumerist
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