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NEW YORK (AP) — Women’s clothing retailer Cache says it is filing for Chapter 11 bankruptcy protection after running out of time and money to complete a turnaround.

The New York company Cache Inc. sells dresses, sportswear and accessories and runs 218 stores.

Cache Inc. says it will continue operating its business, and it has secured a commitment for up to $22 million in financing from Salus Capital Partners. The company plans to continue closing stores and selling or renegotiating some of its leases.

It also will seek a so-called stalking horse buyer for its assets. That involves a potential buyer making an initial offer to set the floor for an auction that invites competitive bids.

Its shares closed at 5 cents on Tuesday. The stock will be removed from the Nasdaq exchange.

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(Photo Source: AP)