Cache, Inc., a U.S. based multi-channel specialty retailer of women's apparel and accessories, announced that it has entered into a new, three year, $30 million revolving credit facility with Salus Capital Partners, LLC. The new facility replaces the company’s existing $25 million revolving credit facility with Wells Fargo Bank, National Association.
Jay Margolis, Chairman and Chief Executive Officer, commented: “We are pleased to have secured this new credit facility with Salus Capital, which improves our financial flexibility as we continue to implement our turnaround plan to position Cache for profitable growth.”
“We are excited to partner with Cache to help meet its financing needs,” said Marc S. Price, Executive Vice President, Loan Originations and Corporate Strategy at Salus Capital. “Cache offers its customers the sophistication of a boutique with a product mix that meets a range of women’s lifestyle needs. Based on our considerable experience and expertise in the women’s retail apparel industry, we are confident in the strength of Cache’s brand, its value proposition and in the ability of its management team to steer the business on a course for success.”
Cache is a U.S. based multi-channel specialty retailer of women’s apparel and accessories that sells through its stores and online at cache.com. Through these channels, the company offers a boutique shopping experience for stylish and fashion-conscious women with a product line consisting of evening wear, event and day dresses, casual sportswear and accessories, primarily sold under the Cache brand. As of September 23, 2014, the Company operated 237 stores located primarily in high-traffic, upscale malls in 43 states in the United States and 2 stores in Puerto Rico and the U.S. Virgin Islands.
Salus Capital is a direct originator of secured asset-based loans to the middle market across a variety of industries with additional complementary financing throughout the capital structure. Target transaction sizes range from $5 million to $50 million, with the ability to hold up to $100 million and to syndicate larger transactions. The Salus Capital platform may also serve as an asset manager for like-minded institutional investors such as community and regional banks, insurance companies, family offices, private equity funds and hedge funds who may lack the infrastructure and dedicated competency within senior secured lending.