B. Riley Financial's Great American Group to Close All CACHE Stores
Going-Out-of-Business Sales at all 153 CACHE Retail Locations
Mar 09, 2015, 09:00 ET
LOS ANGELES, March 9, 2015 /PRNewswire/ -- Great American Group (GA), a leading provider of advisory and valuation services, asset disposition and auction solutions, commercial lending services and a subsidiary of B. Riley Financial, Inc. (OTCQB: RILY), announced that it has begun "going-out-of-business" sales for all CACHE's retail locations in the U.S., the Virgin Islands, and Puerto Rico.
The Company filed for Chapter 11 protection on February 4, 2015. On March 3, 2015, GA was appointed the successful bidder at auction by the bankruptcy court and will manage the going out of business sales for all 153 CACHE retail locations. The sale will offer significant discounts on the retailer's inventory of women's 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 thirty 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 Jay Margolis, Chief Executive Officer, CACHE.
As part of the auction, GA also acquired CACHE'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.
"Great American has extensive experience working with very large specialty retailers and creditors in managing complicated and sensitive situations like CACHE," said Scott Carpenter, president of GA's Retail Solutions division. "This transaction marks our fifth major liquidation in the last six months and underscores Great American's superior expertise in the retail liquidation segment.
Bryant Riley, chairman of B. Riley Financial, added: "This transaction is an example of the tremendous synergies of the expanded B. Riley Financial platform, which leverages the firm's longstanding relationships and deep consumer retail expertise across all divisions."
Store locations will remain open until all merchandise has been sold. CACHE gift cards will be honored through April 5, 2015. For a complete listing of closing store locations and the latest sale information, please visit www.cache.com.
About CACHE, Inc.
CACHE is a national multi- channel specialty retailer dedicated to dresses, sportswear and accessories designed for special occasions and daily glamour. The company currently operates 153 boutiques each of which offers premier service and a high- touch shopping experience. Recognized as industry experts, CACHE has dressed fashionable women for over three decades. CACHE boutiques are primarily situated in center court locations in America's top malls in 41 states, the Virgin Islands and Puerto Rico.
About Great American Group, LLC
Great American Group, LLC is a leading provider of advisory and valuation services, asset disposition and auction solutions, and commercial lending services. Great American Group efficiently deploys resources with sector expertise to assist companies, lenders, capital providers, private equity investors and professional service firms in maximizing the value of their assets. For more information about Great American Group, visit www.greatamerican.com or call 818-884-3737.
Great American Group is a part of B. Riley Financial, Inc. (OTCQB: RILY) which provides collaborative financial services and solutions through several subsidiaries, including: B. Riley & Co., LLC, a leading full service investment bank providing corporate finance, research, and sales & trading to corporate, institutional and high net worth individual clients; B. Riley Asset Management, a provider of investment products to institutional and high net worth investors; and MK Capital Advisors, LLC, a multi-family office practice and wealth management firm focused on the needs of ultra-high net worth individuals and families. B. Riley Financial, Inc. is headquartered in Los Angeles with offices in major financial markets throughout the United States and Europe. For more information on B. Riley Financial, Inc., please visit www.brileyfin.com.
Media Inquiries:
Kathy Tran
B. Riley Financial, Inc.
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310-966-1444
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SOURCE B. Riley Financial