Companies everywhere are filing for bankruptcy. David’s Bridal confirmed that they’d be filing for Chapter 11 of the United States Bankruptcy Code today. But the company assures that there’s nothing to worry about— especially for brides who have orders waiting to be fulfilled.
“Today’s announcement is just the next step in our efforts to proactively secure David’s Bridal for a long, successful future. We are implementing our consensual restructuring plan from a position of strength and, with the support of our lenders, noteholders and equity holders, the plan will allow us to reduce our debt significantly while continuing to run our business as usual. We will be able to move through the Court process very quickly, and in the end, we will be able to allocate even more of our resources towards making strategic investments in digital technologies and talent that will drive long-term growth and operational excellence at David’s Bridal,” said Scott Key, chief executive officer of David’s Bridal, in a statement.
Filing for bankruptcy will hopefully help reduce the companies debt by more than $400 million. In recent years, the nation’s largest wedding dress retailer, has been struggling to maintain good sales. With more and more brides opting for cheaper dresses, and couple choosing to delay marriages, David’s Bridal has been struggling to appeal to a changing market.
“For more than 60 years, David’s has delivered beautiful, high-quality dresses and accessories for our customers’ most special occasions, and the actions we are taking will enable us to build on that tradition,” said Key. “Our team is laser-focused on providing brides and their families with the five-star service and experience they deserve and have come to expect from us.”
Customers can still visit and make purchases within the stores. The brand has no plans on shutting down their more than 300 stores or website. A bigger and better return is promised.