Cache Announces Commencement of Rights Offering

  Cache Announces Commencement of Rights Offering

Business Wire

NEW YORK -- April 5, 2013

Cache, Inc. ("Cache") (NASDAQ: CACH), a specialty chain of women’s apparel
stores, announced today that it has commenced its previously announced $8.0
million rights offering. At a special meeting held earlier today, Cache’s
shareholders approved the issuance of shares of its common stock in the rights
offering and under the Investment Agreement entered into with MFP Partners,
L.P., Mill Road Capital, L.P. and Jay Margolis. Under the terms of the rights
offering, Cache is distributing, at no charge to the holders of record of its
common stock as of 5:00 p.m., New York City time, on the record date for the
rights offering of April 4, 2013, approximately 0.359 transferable
subscription rights for each share of common stock owned on the record date,
as more fully described in the prospectus relating to the rights offering.
Each whole subscription right will entitle the holder to purchase one share of
common stock, at a subscription price of $1.65 per share.

In addition, holders of subscription rights who fully exercise their basic
subscription rights are entitled to over-subscribe for additional shares of
common stock that remain unsubscribed as a result of any unexercised rights
(up to the number of shares purchased under the holder’s basic subscription
rights and subject to certain limitations described in the prospectus relating
to the rights offering). The subscription rights may be exercised until 5:00
p.m. New York City time, on April 25, 2013, as more fully described in the
prospectus. Our board of directors may extend the rights offering subject to
certain limitations described in the prospectus, but does not currently intend
to do so. Any fractional rights remaining after aggregating all of the
subscription rights issued to a shareholder will be rounded down to the
nearest whole number, and no shareholder will receive any shares with respect
to fractional rights that are rounded down.

Beginning today and until the expiration of the rights offering, the
subscription rights are listed on the NASDAQ Global Select Market under the
symbol "CACHR". NASDAQ has established April 8, 2013 as the ex-rights date for
the rights offering. The ex-rights date is the date on which Cache's common
stock will begin to trade without the subscription rights and the rights will
trade separately from the common stock. As a result, shareholders who sell
their shares prior to the April 8, 2013 ex-rights date will also be selling
their subscription rights.

This press release does not constitute an offer to sell or the solicitation of
an offer to buy nor will there be any sale of any securities referred to in
this press release in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of such state or jurisdiction. The rights offering
will be made only by means of a prospectus meeting the requirements of the
Securities Act of 1933, as amended.

A copy of this prospectus, or further information with respect to the rights
offering, may be obtained by calling the Information Agent, Laurel Hill
Advisory Group, LLC, toll free at 888-742-1305.

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. Cache currently operates 249
stores, primarily situated in central locations in high traffic, upscale malls
in 41 states, the Virgin Islands and Puerto Rico.

Contact:

Cache, Inc.
Maggie Feeney
Executive Vice President and Chief Financial Officer
212-575-3206
or
Investor Relations:
ICR, Inc.
Allison Malkin / Rachel Schacter
203-682-8225 / 646-277-1243
 
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