Great American Group to Close All CACHE Stores
Great American Group (GA), a subsidiary of B. Riley Financial, 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.
As part of the auction, GA also acquired CACHE’s intellectual property and lease designation rights for all retail locations.
“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.”