UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED):
MARCH 11, 2005
CACHE INC.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
FLORIDA 0 -10345 59 -1588181
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(STATE OR OTHER (COMMISSION FILE NUMBER) (IRS EMPLOYER
JURISDICTION OF IDENTIFICATION
INCORPORATION) NUMBER)
1440 BROADWAY, NEW YORK, NEW YORK 10018
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
REGISTRANT'S TELEPHONE NUMBER: (212) 575-3200
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 4.02 NON-RELIANCE ON PREVIOUSLY ISSUED FINANCIAL
STATEMENTS OR A RELATED AUDIT REPORT OR COMPLETED INTERIM REVIEW
As of March 11, 2005, after consulting with its independent registered
public accountants, KPMG LLP, Cache, Inc. (the "Company") has reevaluated its
lease accounting practices and will revise its accounting for leases to conform
with the requirements of SFAS No. 13, "ACCOUNTING FOR LEASES". The Company has
reevaluated its method of accounting for leases as a result of the clarification
issued by the Chief Accountant of the SEC in a February 7, 2005 letter to the
American Institute of Certified Public Accountants.
Management and the Audit Committee, after discussions with KPMG, have
concluded that the Balance Sheet at December 27, 2003 and the Statement of Cash
Flows for the 52 weeks ended December 28, 2002 and December 27, 2003 should be
restated to correct its accounting for leases and that such previously filed
financial statements should no longer be relied upon. The Company will include
its restated financial statements for prior periods in its fiscal year 2004 Form
10-K filing.
The Company accounted for construction allowances received from
landlords as net leasehold improvements. The Company will record construction
allowances from landlords as a component of rent liability on its balance sheet
and will adjust its statements of cash flows to reflect construction allowances
as cash flows from operating activities rather than a reduction of capital
expenditures within cash flows from investing activities. These are non-cash
adjustments and have no impact on net income. These changes have resulted in an
improving trend in the Company's cash flow from operations.
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES AND EXCHANGE ACT OF 1934,
THE REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE
UNDERSIGNED HEREUNTO DULY AUTHORIZED.
DATED: MARCH 15, 2005 CACHE, INC.
BY: /S/ BRIAN WOOLF
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BRIAN WOOLF
CHAIRMAN AND CHIEF EXECUTIVE OFFICER