Cache Chapter 11 cases dismissed; administrative claims to be paid

By Caroline Salls

Pittsburgh, Nov. 19 – Cache, Inc.’s Chapter 11 bankruptcy cases were dismissed Thursday by the U.S. Bankruptcy Court for the District of Delaware.

In the Sept. 28 dismissal motion, Cache said it would open an account for the benefit of remaining administrative claims under the direction of its chief restructuring officer and will also be responsible for administrating, determining validity of claims, and ultimately, making distributions on account of the remaining claims.

The company said it believes that the structured dismissal and payment of claims will give administrative creditors and employee health claims holders a superior recovery on account of their claims than if the cases were converted to Chapter 7.

“The motion represents the best alternative for creditors to receive the highest possible distributions on account of their claims under the circumstances,” the company said.

Cache said it began to wind down its various employee programs as a result of the completion of its going-out-of-business sales and the cessation of its operations.

Cache, a mall-based chain retailer of formal womenswear based in New York, filed for bankruptcy on Feb. 4, 2015. The Chapter 11 case number is 15-10172.

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