Cache Announces Changes to Board of Directors
NEW YORK -- April 8, 2013
Cache Inc., (NASDAQ: CACH), a specialty chain of women’s apparel stores, today
announced changes to its Board of Directors (“Board”). Michael F. Price,
Managing Partner of MFP Partners, L.P., Cache’s largest shareholder, has
joined the Board. In addition, Charles J. Hinkaty, former President and Chief
Executive Officer of Del Laboratories, Inc., has been appointed to the Board.
In connection with their appointments, Michael F. Price and Charles J. Hinkaty
have been appointed to the Nominating and Governance Committee and the
Compensation and Plan Administration Committee of the Board. Charles J.
Hinkaty has also been appointed to the Company’s Audit Committee.
MFP Partners is a family investment partnership established by Michael F.
Price in 1998. MFP Partners uses a disciplined, research-driven process to
invest in deeply undervalued stocks, focusing on long-term investing through a
value investment approach. Prior to founding MFP Partners, Mr. Price was
chairman of the board of Franklin Mutual Advisers and Franklin Mutual Series
Fund. He had been associated with both entities and their predecessor
organizations (Heine Securities Corp and Mutual Shares Fund) since 1975. Mr.
Price currently serves as a Director of Liquidnet Holdings, Inc.; an
Investment Advisory Council Member to the Florida State Board of
Administration; and on Boards for The Albert Einstein College of Medicine,
Johns Hopkins School of Medicine, Johns Hopkins Berman Institute of Bioethics
and Jazz at Lincoln Center.
Charles J. Hinkaty, was the President and Chief Executive Officer and a
director of Del Laboratories, Inc. from August 2005 through his retirement in
January 2008. From 1985 through August 2005 Mr. Hinkaty held various
management positions at Del Laboratories, including Chief Operating Officer.
Prior to joining Del Laboratories, Mr. Hinkaty served in a variety of
executive positions with Bristol Myers Squibb from 1972 until 1984. Mr.
Hinkaty is a member of the board of directors of Prestige Brands Holding,
Inc., Renfro Corporation and W.F. Young and serves as a Trustee of New York
University. Mr. Hinkaty previously served as a member of the board of
directors of Lornamead, Physicians Formula, Sterling InfoSystems, Inc. and FGX
International. He also led the Consumer Healthcare Products Association from
1999 to 2001.
Jay Margolis, Chairman and CEO commented, “I am pleased to welcome Michael and
Charles to our Board of Directors. Michael has a strong track record investing
in value retail and knows our Company and business well. We look forward to
Michael’s strategic counsel as we transition from turnaround to growth. I am
also excited to have Charles join the Board given his strong leadership,
strategic and financial experience as a Chief Executive Officer and Chief
Operating Officer of Del Laboratories.”
In conjunction with Mr. Price and Mr. Hinkaty’s appointment, Arthur S. Mintz,
a director since 2002, and Morton J. Schrader, a director since 1989 will
leave the Board.
“We thank Arthur and Morton for their significant contributions to the Board
and wish them well,” said Jay Margolis. “Their insight and support over the
years has been highly valuable to our Company,” added Margolis.
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. The Company currently
operates 249 stores, primarily situated in central locations in high traffic,
upscale malls in 41 states, the Virgin Islands and Puerto Rico.
Maggie Feeney, 212-575-3206
Executive Vice President and
Chief Financial Officer
Allison Malkin/Rachel Schacter
203-682-8225 / 646-277-1243
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