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
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
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
Maggie Feeney, 212-575-3206
Chief Financial Officer
Allison Malkin/Rachel Schacter