OTHER NEWS - Dec. 17, 1991
From Times Staff and Wire Reports
Retailer to Seek Court Protection: Cascade International Inc., whose chief executive, Victor Incendy, disappeared a month ago, said it will file for Chapter 11 bankruptcy protection this week. The FBI and Securities and Exchange Commission are looking into allegations that the company lied about how much money it made. The cosmetics firm had been expanding through acquisitions but showing virtually no debt on its balance sheet. It was later discovered that Cascade overstated the number of stores it operated, hired an accountant who once had been fined for incompetence and had several discrepancies in its financial reports.
