After struggling with a recent continued decline in sales, specialty women’s retailer, Cache Inc. is preparing to file for bankruptcy, Bloomberg reported citing unnamed sources. The filing could happen as early as this week.
In December, the company announced it was exploring alternatives and had received an inquiry from a third party regarding a potential sale but it has not provided any further information.
If filed, the retailer would join the girl’s and women’s retailers that have recently filed for bankruptcy including, Wet Seal, Delia’s and Love Culture.
This is Cache’s second time filing for bankruptcy, the brand filed a Chapter 11 petition in 1986 and emerged again in 1988.
The first Cache store was opened in 1976 as a boutique in Miami, FL by a Brooklyn-born homemaker named Marilyn Rubinson. She was the first to bring names like Mugler, Armani and Versace to the States. The company has been operating for almost 40 years.