Wedding dress retailer David’s Bridal said on Thursday it will file for bankruptcy in the “near future,” as it grapples with a heavy debt load amid…
Wedding dress retailer David’s Bridal said on Thursday it will file for bankruptcy in the “near future,” as it grapples with a heavy debt load amid changing consumer tastes in the wedding industry. The bankruptcy is part of a deal the retailer has reached with its lenders that will reduce its debt by more than $400 million.
David’s Bridal said in a statement the company will continue to operate throughout bankruptcy. Customers can continue to shop in its more than 300 stores, and its orders and appointments will not be impacted.. “David’s Bridal will continue to lead our category with an unbeatable selection of beautiful, high-quality wedding and special occasion dresses in a wide range of styles, colors, sizes, and prices,” CEO Scott Key said. “For 60 years David’s has delivered for our customers on time, and the agreement announced today allows us to maintain that tradition for many years to come.” David’s Bridal’s term loan lenders have offered $40 million to help support the retailer’s operations throughout its bankruptcy.The imminent bankruptcy comes roughly a year after bridal store Alfred Angelo liquidated its business, another victim of the changing times.. When they do, they often opt for non-traditional garments. Newer online retailers like Reformation now offer brides more relaxed alternatives to the traditional gowns worn in years past. David’s Bridal made its own online push, buying digital gift company Blueprint Registry this past summer. It can be hard though, for traditional retailers hamstrung by debt to build up the infrastructure necessary to support an expansive e-commerce business.
Lenders Bankruptcy Retailer Debt Bankruptcy Wedding Industry Consumer Tastes Debt Load Deal Bankruptcy Alfred Angelo Company Bankruptcy Clayton Dubilier & Rice Agreement Bankruptcy Stores Retailer Appointments Orders Bankruptcy Wedding Infrastructure Store Store Retailers Wedding Dress Retailer Bankruptcy Business Tradition Prices Sizes Colors Styles Selection Range Occasion Debt Operations Retailers Gift Company Category E-Commerce Retailer Debt Load Consumer Tastes Wedding Industry Deal Times Blueprint Registry Gowns Push Alternatives Reformation
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