Using serrated knife, cut cake in half horizontally to make 2 layers. Place bottom layer, cut side up, on serving platter. Spoon half of frosting onto cake layer; carefully spread, creating thick layer. Top frosted layer with half of the cherry preserves; spread to cover. Place remaining layer, cut side down, over filling. Top with remaining frosting; carefully spread to cover top. Spoon remaining preserves over cake; spread to cover. Refrigerate at least 2 hours before serving. Store loosely covered in refrigerator.