Cache Inc., (NASDAQ: CACH), a specialty chain of women’s apparel stores, today announced that it refutes all of the claims asserted against the Company and certain of its employees on June 30, 2010 by Florida based Chico’s FAS, Inc. and White House|Black Market, Inc. The complaint alleges, among other things, that two former employees of Chico’s that are currently employed by Cache supplied the Company with confidential information and trade secrets. The Company believes that Chico’s FAS, Inc. filed the lawsuit in an effort to undermine Cache in the marketplace and to promote Chico’s viewpoint within the industry resulting in false allegations reported in a key trade publication and in an analyst report. The Company noted that the allegations made by Chico’s are false and it will vigorously defend its position. Cache has built its business with a reputation for high-quality, sophisticated and fashionable designs and maintaining the integrity of its brand is the Company’s highest priority. The Company noted further that it believes Chico’s is using baseless claims to impair its reputation. Several of the styles that Chico’s claims were copied by Cache were never produced by Chico’s or White House|Black Market and, in fact, are just clipped pages from Fashion magazines showing styles created by companies other than Chico’s and White House|Black Market. In addition, many of the styles that Chico’s claims were copied look nothing like those produced or purchased by Cache. Finally, several of the allegedly copied styles are successful styles that Cache has carried previously, which were re-colored and repeated in the Spring and Summer 2010 collections. The Company believes this lawsuit is frivolous and a waste of shareholder money and consumer tax dollars. About Cache, Inc. Cache is a nationwide, mall-based specialty retailer of sophisticated sportswear and social occasion dresses targeting style-conscious women who have a youthful attitude and are self-confident. We currently operate 284 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, 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.