FORT MYERS, Fla., Sept 09, 2010 /PRNewswire via COMTEX/ --
Chico's FAS, Inc. (NYSE: CHS) (Chico's) and White House | Black Market, Inc. (WH|BM) will continue to pursue their complaint against Cache, Inc. (Cache) and two former WH|BM employees in the Supreme Court of the State of New York, County of New York, alleging theft of WH|BM trade secrets.
"We withdrew our request for preliminary injunctive relief because the proceedings could not be completed in time to enjoin Cache from selling through products developed from our confidential information," said Donna Noce, Brand President--WH|BM. "However, our former employees' return of thousands of pages of WH|BM documents including our proprietary designs and confidential information during the discovery process confirms the strength of our case. We intend to proceed in order to protect the interests of our company, our shareholders, and the creative efforts and hard work of our employees."
The suit against Cache alleges, among other things, that in an effort to "fast track" Cache's way out of "repeated seasons of declining sales and unprofitability," Cache, together with the two former employees, both of whom joined Cache from WH|BM in the fall of 2009, misappropriated the trade secrets, proprietary designs and confidential information of WH|BM, a successful direct competitor of Cache.
About Chico's FAS, Inc.
The Company is a women's specialty retailer of private branded, sophisticated, casual-to-dressy clothing, intimates, complementary accessories, and other non-clothing gift items. The Company operates 1,134 specialty stores in 48 states, the District of Columbia, the U.S. Virgin Islands and Puerto Rico, under three brands.
The Chico's brand operates 598 boutiques and 57 outlet stores, regularly publishes catalogs and conducts e-commerce at www.chicos.com.
White House | Black Market operates 340 boutiques and 19 outlet stores, regularly publishes catalogs and conducts e-commerce at www.whitehouseblackmarket.com
Soma Intimates operates 112 boutiques and 8 outlet stores. Soma Intimates regularly publishes catalogs and conducts e-commerce at www.soma.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 Certain statements contained herein, including without limitation, statements addressing the beliefs, plans, objectives, estimates or expectations of the Company or future results or events constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements involve known or unknown risks, including, but not limited to, general economic and business conditions, and conditions in the specialty retail industry. There can be no assurance that the actual future results, performance, or achievements expressed or implied by such forward-looking statements will occur. Users of forward-looking statements are encouraged to review the Company's latest annual report on Form 10-K, its filings on Form 10-Q, management's discussion and analysis in the Company's latest annual report to stockholders, the Company's filings on Form 8-K, and other federal securities law filings for a description of other important factors that may affect the Company's business, results of operations and financial condition. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that projected results expressed or implied in such statements will not be realized.
For more detailed information on Chico's FAS, Inc., please go to our corporate website, www.chicosfas.com.
Contact:
Dawn Dover
Kekst and Company
212-521-4817
SOURCE Chico's FAS, Inc.