Cache, Inc., a specialty chain of women’s apparel stores, announced that it closed an underwritten public offering of 9,200,000 shares of common stock at a price to the public of $1.75 per share, which includes the exercise of the underwriter’s option to purchase 1,200,000 additional shares of common stock.
Cache plans to use the approximately $15.0 million in net proceeds for working capital and general corporate purposes. B. Riley & Co., LLC acted as the sole underwriter.
Cache is a nationwide, mall-based specialty retailer of apparel and accessories. Cache offers a boutique shopping experience for stylish and fashion-conscious women with a product line consisting of elegant evening wear, event and day dresses, casual sportswear and accessories, primarily sold under the Cache brand- everything to meet the events and lifestyle needs in a woman's life.
Cache currently operates 239 stores, primarily situated in central locations in high traffic, upscale malls in 41 states, the Virgin Islands and Puerto Rico.