Dive Brief:
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Upscale retailer Caché has filed for Chapter 11 bankruptcy protection, the company said Wednesday.
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The 40-year-old retailer was among the first to bring high-end European brands like Armani and Versace to the U.S.
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E-commerce, changing consumer preferences, and the tough physical-retail market contributed to its woes, the company said.
Dive Insight:
In 1980s movies, a Caché shopping bag was a way to show that a character had money and taste. But tastes have changed, and many consumers, much less inclined to throw money at clothes, are shopping for deals at lower-priced fast-fashion retailers.
It’s not just Caché that is having troubling adjusting to new realities; it’s the fifth clothing retailer to file for bankruptcy protection in three months. The company said it’s searching for a “stalking horse” bid. It hasn’t reported a profit for nine quarters.