David’s Bridal to file for bankruptcy
TAMPA, Fla. (WFLA) — David’s Bridal announced this week it will be filing for bankruptcy soon and will stay open for business throughout the process.
On Thursday, the wedding retailer notified customers of its plan to “financially restructure.” CEO Scott Key says the move will allow the company to continue its commitment to customers.
“David’s Bridal has been the leader in the wedding industry for over 60 years. During that time, we’ve seen a lot of things change: fashion trends, where brides find inspiration and how customers shop. But one thing will always remain the same: our commitment to you, our customer,” Key said in a statement. “This agreement allows us to guarantee no change in the service level our customers expect from us.”
CNBC reports David’s Bridal will file for Chapter 11 in the “near future,” and says it’s part of a deal the company reached with its lenders that will reduce its debt by more than $400 million.
The company says its more than 300 stores will stay open and continue operating. Key says all orders and alterations will be delivered as promised.
“We are, and will continue to be, open for business,” he said.
This move from David’s Bridal comes a little more than a year after Alfred Angelo Bridal abruptly closed its 800 stores nationwide.