Heat oven to 350°F. In 13x9-inch pan, melt butter while oven is heating.
Remove pan from oven. Stir cookie crumbs into butter; press evenly in bottom of pan. Sprinkle with cashews, baking chips, coconut and cherries. Pour condensed milk evenly over mixture.
Bake 20 to 30 minutes or until light golden brown. Cool completely, about 30 minutes. For bars, cut into 6 rows by 6 rows.