Majors

David’s Bridal Files for Bankruptcy, Plans to Lay Off 9K Workers

MajorsApr 18, 2023

David’s Bridal Files for Bankruptcy, Plans to Lay Off 9K Workers

The wedding dress retailer said it is evaluating its network of around 300 stores as it looks for a buyer.

20230418_David's Bridal.jpg
David’s Bridal, one of the country’s largest wedding dress retailers, has filed for Chapter 11 bankruptcy protection.
Conshohocken, Pa.—David’s Bridal has filed for Chapter 11 bankruptcy protection, its second filing in five years, and is on the lookout for a buyer as it rethinks its store count.

The announcement came two days after the bridal giant said it would lay off 9,236 workers nationwide in phases beginning now through mid-August, according to a Pennsylvania WARN notice.

David’s Bridal has around 10,000 employees, including 2,000 full-time and 8,000 part-time workers, as per court filings.

Its stores will remain open throughout the bankruptcy proceedings, said the company, and it expects to fulfill all customer orders “without disruption or delay.”

Its online platforms and vendor marketplace remain available, and members of its Diamond loyalty program can continue to earn and redeem awards. Gift cards, returns, and exchanges also will continue to be honored.

David Bridal’s said it is re-evaluating its network of around 300 stores. If it does not find a buyer, it would likely prepare to wind down its operations, according to court filings.

It has 294 stores in total, including 278 in the U.S., 12 in Canada, and four in the U.K.

 Related stories will be right here … 

In a statement, David’s Bridal CEO James Marcum said the company has taken steps in recent years to modernize its stores and systems to provide top-level service to brides-to-be.

The retailer announced plans for a new store format late last year, and has added new offerings, like a fragrance collection, a wedding planning platform, a prom season pop-up, and an “eco-minded” bridal collection.

It also announced a partnership with Diamond Nexus, which sells lab-grown diamonds, diamond simulants and moissanite.

One in four U.S. brides wear a David’s Bridal gown at their wedding, said Marcum in court filings, while 87 percent visit the company’s website at least once during the wedding planning process.

“Nonetheless, our business continues to be challenged by the post-COVID environment and uncertain economic conditions, leading us to take this step to identify a buyer who can continue to operate our business going forward,” said David’s Bridal in a statement.

While the number of weddings spiked last year, the increase mostly was due to pent-up demand from the pandemic and likely does not signal a long-term, significant increase in the number of U.S. couples getting married.

In Signet Jeweler’s most recent fiscal year results, the company said its engagement ring sales struggled, down by low double digits for the year, a pattern it expects to repeat in fiscal 2024.

The jewelry giant said the pandemic impacted the formation of new relationships and, thereby, engagements, though it thinks the slowdown is temporary. A rebound is expected to begin at the end of the next fiscal year.

David’s Bridal’s Chapter 11 filing lists its estimated liabilities to be in the range of $100 million to $500 million, in line with its estimated assets.

The company has $256.9 million in debt, as per court filings.

The company said it is seeking authorization to pay its employee wages and benefits, maintain select customer programs, and pay “critical” vendors.

It won court approval Monday to borrow as much as $85 million to keep operations running during the proceedings.

David’s Bridal previously filed for bankruptcy in 2018, weighed down by debt and lagging wedding dress sales. It emerged from bankruptcy the following year.

U.S. corporate bankruptcies are on the rise in 2023, according to S&P Global Market Intelligence data, with the first two months of the year clocking the highest number of bankruptcies for any comparable period since 2011.

In January, 54 bankruptcy petitions were filed, and, in February, 57 were filed, the most in a month since March 2021.

The Latest

FBI robbery surveillance photo
CrimeNov 04, 2024
FBI Offering $15K Reward for Info on Halloween Mask-Wearing Robbers

The suspects are said to have been involved in the armed robberies of four jewelry stores across three Midwest states.

Models wearing Black Sand Pebble ring and Surf bracelet
CollectionsNov 04, 2024
John Hardy’s New Jewels Turn the Black Sands of Bali into Diamonds

The new designs blend Creative Director Reed Krakoff’s aesthetic with the brand’s Balinese roots.

Jaeger-LeCoultre Reverso Tribute watch
IndependentsNov 04, 2024
Eiseman Jewels is Celebrating Watches All Month-Long

The Dallas-based jeweler will showcase timepieces from Cartier, IWC Schaffhausen, Jaeger-LeCoultre, Parmigiani Fleurier, and more.

Jewelers Mutual Group Cybersecurity
Brought to you by
Navigating Cybersecurity: Essential Guidance for Jewelers

From protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.

Artist Reena Ahluwalia “Pristine” painting
SourcingNov 01, 2024
Reena Ahluwalia Donates Diamond Painting to Benefit CJA

The artwork, titled “Pristine,” was raffled off at the Canadian Jewellers Association’s recent summit.

Weekly QuizOct 31, 2024
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Gunderson’s Jewelers in Omaha, Nebraska
IndependentsNov 01, 2024
Gunderson’s Jewelers Opens New Location in Nebraska

The new store features a custom design studio and a bridal salon.

Sydney Evan x Wicked “Spell Book” coin charm
CollectionsNov 01, 2024
Piece of the Week: Sydney Evan Gets ‘Wicked’

Designer Rosanne Karmes has created a collection to coincide with the release of the movie musical, which is expected to be a blockbuster.

Article-Top-Image.jpg
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYC

This fall, sharpen your skills in jewelry grading, quality control and diamond assessment.

Charles & Colvard moissanite ring
FinancialsOct 31, 2024
Charles & Colvard Faces Possible Nasdaq Delisting

The retailer said it will file the necessary paperwork to regain compliance as soon as it is able.

National Jeweler columnist Peter Smith
ColumnistsOct 31, 2024
Peter Smith: Nervous Flyers and Emotional Selling

Whether you’re calming the jittery gentleman in seat 13B or selling a diamond ring to a hesitant customer, an empathetic approach is best.

Annie E. Doresca, Grant Mobley, Alexis Padis, Terry Chandler
Events & AwardsOct 31, 2024
WJA Will Celebrate 4 Award Winners at ‘Future of Forty’ Gala

The gala includes a red carpet, music from DJ Renata, an awards program, and “mystery boxes.”

Instore show 2025
Events & AwardsOct 31, 2024
The Instore Show Returns To Chicago Area

The trade show, in its third year, will take place in late September at the Donald E. Stephens Convention Center in Rosemont, Illinois.

Constance Polamalu
Lab-GrownOct 31, 2024
Q&A: Constance Polamalu on Selling Natural and Lab-Grown Diamonds

The jeweler shared her change of heart on lab-grown diamonds and why she keeps them separate from natural diamonds in her business ventures.

Gem Awards New York City
Events & AwardsOct 30, 2024
These Designers, Journalists, and Retailers Are Up for a Gem Award

The 2025 Gem Awards are scheduled to take place March 14 at Cipriani 42nd Street in New York City.

CD Peacock Love and Celebration Rings
CollectionsOct 30, 2024
CD Peacock Honors Its Hometown of Chicago in First Bridal Collection

“Love and Celebration” is the jeweler’s first in-house collection featuring engagement rings, wedding bands, and celebration rings.

Hands pushing a shopping cart
SurveysOct 30, 2024
Consumer Confidence Rebounds in October

A more positive view of the labor market contributed to the strongest monthly gain since March 2021.

Mejuri store
Events & AwardsOct 30, 2024
Mejuri to Award $50K in Scholarships to Jewelry Design Students

The funds will be distributed to schools in the U.S., Canada, and the U.K.

Jewelers’ Security Alliance President Jennifer Mulvihill
MajorsOct 29, 2024
Cybersecurity Expert Selected as President of Jewelers’ Security Alliance

Jennifer Mulvihill, the first woman to lead JSA in the organization’s 141-year history, takes over for the retiring John Kennedy.

20241030_NYCJW.jpg
Events & AwardsOct 29, 2024
The Can’t-Miss Events of 2024 New York City Jewelry Week

This year’s festivities include more than 100 experiences, such as designer showcases, panel discussions, and even a treasure hunt.

Edgar Mitchell’s Rolex GMT-Master Pepsi
AuctionsOct 29, 2024
Rolex Worn on Apollo 14 Mission Sells for More Than $2M

The GMT-Master “Pepsi” that belonged to astronaut Edgar Mitchell is one of two Apollo-flown Rolex watches ever sold at auction.

Pandora ambassadors Chloe Bailey, Halle Bailey, and Pamela Anderson
MajorsOct 29, 2024
Pandora’s Holiday Campaign, New Jewelry Celebrate Light and Love

The ads star brand ambassadors Chloe and Halle Bailey and Pamela Anderson.

Stock image of a diamond engagement ring
SourcingOct 29, 2024
De Beers’ Production Drops 25% as Demand Remains Sluggish

The company combined two sights in Q3 due to the slowdown in demand, and said it is moving up the dates for sights 9 and 10 in Q4.

Monica Rich Kosann
EditorsOct 28, 2024
Q&A: Monica Rich Kosann Looks Back on 20 Years

The jewelry designer discussed how she got into the jewelry industry, what she keeps in her favorite locket, and the future of her brand.

Jewelers for Children Rock the Costume Showdown graphic
MajorsOct 28, 2024
Jewelers for Children’s Halloween Costume Contest Rocks

Participants can buy five votes for $5 to decide which jeweler will dress up as an ‘80s rockstar for Halloween.

Katy Briscoe carved indicolite Persian cat ring
TrendsOct 28, 2024
Amanda’s Spooky Style File

These 15 pieces of jewelry hand-picked ahead of Halloween appeal to the costume- and candy-loving child in all of us.

Executives at the Bulgari Ritz Carlton ribbon cutting ceremony
MajorsOct 25, 2024
This New Bulgari Boutique Is on a Yacht

Starboard Luxury is bringing the Italian brand aboard The Ritz-Carlton Yacht Collection’s newest yacht.

Mourning Jewelry Pendant
CollectionsOct 25, 2024
Piece of the Week: A Haunting Piece of Mourning Jewelry

The pendant, circa the late 1700s, likely was commissioned to remember a loved one who died young.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy