Women's retailer Cache Inc. hasn't given up hope on finding a buyer to keep its 218 stores alive, but in the meantime it is looking to secure bankruptcy court approval to begin store-closeout sales by early March, Dow Jones Daily Bankruptcy Review reported today. During the company's first appearance in U.S. Bankruptcy Court in Wilmington, Del., yesterday, attorneys for Cache said that going-out-of-business sales would start March 4 under a current timeline if no bidders come forward to top an offer from a pair of liquidators. Bankruptcy Judge Mary Walrath, who still has to approve the schedule, expressed some skepticism on Thursday at the direction the case is going. "Why am I authorizing a sale that's going to be complete in 30 days, when it appears nobody but the lender's going to get any money?" Judge Walrath asked. "We don't know that there won't be value," Cache attorney Laura Davis Jones of Pachulski Stang Ziehl & Jones LLP said, noting that while the company has been shopping itself around for some time, a buyer could still come forward.
