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Cache files for Chapter 11 protection
New York -- Cache on Wednesday said it had filed for Chapter 11 bankruptcy protection after running out of capital and time to complete its turnaround. The women’s apparel retailer will continue to operate its business, but intends to continue to reduce its store count and sell and renegotiate some of its leases.
Cache chairman and CEO Jay Margolis said the company filed Chapter 11 with the goal of “securing Cache’s future.”
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Kohl’s boosts guidance on strong holiday sales
Menomonee Falls, Wis. -- Kohl’s Corp. raised its earnings guidance for the recently completed business year, citing strong sales growth in the holiday season.
The retailer reported fourth quarter same-store sales of 3.7% and updated its fiscal 2014 diluted earnings per share guidance to $4.20 – $4.22.
“We are pleased with our fourth quarter sales as we saw our base business improve and our new strategic framework, the Greatness Agenda, take hold," said Kevin Mansell, Kohl's chairman, CEO and president.
