Winter Harbor LLC

Cache

Women’s Clothing Store Struggles Against Online Retailers

 

Cache was a retailer of women’s high-end fashion clothing and accessories found in shopping malls and plaza centers throughout the United States with $200 million in annual revenue. Cache sold dresses, sportsware and accessories through its retail network of 220 stores across the United States. They were a publicly traded company on the Nasdaq exchange.

Our Role

Winter Harbor served as Restructuring Advisor, working as a liaison between Cache’s senior lender and chief restructuring officer. This role required our professional to:

  • Assist the senior lender during the bankruptcy process to analyze the Company’s performance compared to their negotiated DIP budget.

  • Participate in calls with the senior lender and the Company’s Chief Restructuring Officer.

  • Highlight and communicate potential issues to the senior lender regarding the Company’s performance to the DIP budget, and address all complications directly with the Chief Restructuring Officer.

  • Create weekly dashboards for the senior lender to identify specific areas of concern.

Engagement Outcome

Prior to closure, Cache was focused on upgrading its profitable retail stores, and close unprofitable locations. They were unable to keep up with rapidly changing consumer tastes and the continued growth of e-commerce and shopping online. Winter Harbor assisted the Chief Restructuring Officer with securing a recovery for senior lender through liquidation.  We oversaw the wind down and going-out-of-business sale process of Cache, including the removal of Cache shares for the Nasdaq exchange. All Cache stores have been closed.