Cache Files for Bankruptcy
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Women's clothing retailer Cache has filed for Chapter 11 bankruptcy protection after running out of time and money to complete a turnaround. The New York-based company said Wednesday that it will keep running its business, but it also will continue to close stores and sell or renegotiate some of its leases. Cache operates 218 stores, or 20 fewer than it operated in December. The retailer has secured up to $22 million in financing from Salus Capital Partners to keep operating during the bankruptcy proceeding.