Cache OK to enter agreement with Tiger Capital for store-closing sales

By Kali Hays

New York, Feb. 25 – Cache, Inc. received approval to enter an agency agreement to reduce its store count and sell and renegotiate some of its leases with a joint venture comprised of SB Capital Group, LLC and Tiger Capital Group, LLC under a Wednesday order from the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company plans to sell substantially all of its assets as part of its Chapter 11 case.

Tiger Capital will act as the company’s liquidator and agent and conduct chain-wide going-out-of-business sales.

The joint venture will also act as the stalking-horse bidder in connection with a sale of Cache’s merchandise, furniture, fixtures and equipment.

Under bid procedures included in the agency agreement, any competing bids for the assets are due by March 1.

If one or more qualified bids are received, an auction will be held on March 2 and a sale hearing will follow on March 3.

Cache is a mall-based chain retailer of formal womenswear based in New York. The Chapter 11 case number is 15-10172.

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