Formalwear retailer Caché announced plans this week to launch going-out-of-business sales at all of its more than 150 retail locations nationwide. The company, which has failed to generate a profit since 2011, joins a growing list of women’s retailers that have been forced to file for bankruptcy this year. With prom around the corner for many high school juniors and seniors, Caché expects to raise more than $18 million from its going-out-of-business sales to pay its largest creditor. Launched in Miami in 1976, Caché quickly established itself as a women’s lifestyle and luxury retailer. Court documents cite a poorly timed expansion plan that doubled the retailer’s stores right before The Great Recession as a contributing factor to the store’s failure.

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Image Source: Phillip Pessar