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Company Contact: Maggie Feeney
Executive Vice President and
Chief Financial Officer
Cache Inc.
(212) 575-3246
Final For Immediate Release
Investor Relations: Allison Malkin/Jane Thorn Leeson
Integrated Corporate Relations
(203) 682-8225/ (646) 277-1223
CACHE ANNOUNCES MANAGEMENT CHANGES
BOARD APPROVES INCREASE IN SHARE BUYBACK TO 3.5 MILLION SHARES
New York, NY - January 24, 2008 - Cache Inc., (NASDAQ: CACH), a specialty
chain of women's apparel stores with 296 stores currently open, announced that
Brian Woolf previously Chairman and Chief Executive Officer has resigned from
the Company for personal reasons, effective immediately. Thomas Reinckens, who
is currently the Company's President, is being promoted to the title of
Chairman, Chief Executive Officer and President. Adrienne Kantor, who joined
Cache in July 2007, will continue as Executive Vice President - Chief
Merchandising Officer, responsible for all merchandising and design within the
organization.
Separately, the Company announced that its Board of Directors has approved
a new share repurchase program. This new program increases the Company's current
stock repurchase authorization to 3.5 million shares from 3.0 million shares
previously. The Company plans to execute this program through the open market or
in privately negotiated transactions, in accordance with SEC requirements. As of
September 29, 2007, the Company had 16,309,358 shares of common stock
outstanding.
Thomas Reinckens, Cache's Chairman and Chief Executive Officer stated:
"Brian has made significant positive contributions to our Company, transforming
our brand to a destination for lifestyle apparel and spearheading our vertical
integration. I am very fortunate to have worked with a highly talented and
respected individual and wish Brian well in the future. I am equally pleased to
take on the Chairman and CEO titles and am ready, passionate and excited to lead
Cache in its next phase of growth. Currently, we are experiencing better sales
results in January versus the challenging holiday sales period and I continue to
believe we have identified a unique niche in women's apparel retailing providing
us with tremendous opportunity for sales and profit gains in the near and long
term."
Mr. Brian Woolf, Cache's Chairman and Chief Executive Officer commented: "I am
leaving Cache in great hands with a talented and capable team."
ABOUT CACHE, INC.
Cache is a nationwide, mall-based specialty retailer of sophisticated,
social occasion sportswear and dresses targeting style-conscious women. Cache
targets women between the ages of
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25 and 45 who have a youthful attitude, are self-confident and fashion-
conscious, and require a missy fit. We operate 296 Cache and Cache Luxe stores
primarily situated in central locations in high traffic, upscale malls in 43
states, the Virgin Islands and Puerto Rico.
Certain matters discussed within this press release may constitute
forward-looking statements within the meaning of the federal securities laws.
Although Cache, Inc. believes the statements are based on reasonable
assumptions, there can be no assurance that these expectations will be attained.
Actual results and timing of certain events could differ materially from those
projected in or contemplated by the forward-looking statements due to a number
of factors, including, without limitation, ability to successfully open new
stores, introduction of the Cache Luxe concept, dependence on management,
dependence on vendors and distributors, reliance on foreign manufacturers,
material weakness in our internal controls, industry trends, merchandise and
fashion trends, competition, seasonality and changes in general economic
conditions and consumer spending patterns, as well as other risks outlined from
time to time in the filings of Cache, Inc. with the Securities and Exchange
Commission.
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