Women’s specialty retailer Caché announced Wednesday that it would be joining Wet Seal, Jones New York and DEB on the growing list of companies filing for bankruptcy or closing their stores in 2015.

The Wall Street Journal reports that the dress and formalwear retailer, known for popularizing Armani designs, filed for Chapter 11 bankruptcy-court protection amid stagnating mall traffic.

Through the bankruptcy process, Caché plans to close some of its 218 stores and renegotiate leases on others. The chain says it is currently in default of about 50 commercial leases.

Caché chairman and chief executive Jay Margolis says the filing was made “with the goal of securing Cache’s future.”

The company’s “contingency planning” includes possible liquidation of assets, with offers already secured from liquidators at SB Capital Group LLC and Tiger Capital Group LLC. However, those proposals could be challenged by higher offers at a bankruptcy auction, the WSJ reports.

Officials with the company say they plan to sell the rights to the retailer’s name if they can’t find a buyer willing to keep its stores alive.

According to the bankruptcy filings, Caché listed liabilities of between $50 million and $100 million and assets of between $10 million and $50 million.

The WSJ reports that the company hasn’t turned a profit since 2011, and recorded losses of $12.1 million in 2012 and $34.4 million in 2013.

Women’s Retailer Cache Seeks Bankruptcy-Court Protection [The Wall Street Journal]

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