MajorsApr 18, 2023
David’s Bridal Files for Bankruptcy, Plans to Lay Off 9K WorkersMajorsJul 19, 2023
David’s Bridal Finds a Buyer After Bankruptcy
The wedding dress retailer will be able to keep about 200 stores open under its new ownership.
David’s Bridal, one of the country’s largest wedding dress retailers, has found a buyer after filing for Chapter 11 bankruptcy protection in April.
Conshohocken, Pa.—David’s Bridal has found a buyer to save its store fleet after filing for Chapter 11 bankruptcy protection in April.
The wedding dress retailer outfits one in four U.S. brides, said CEO James Marcum in court documents, but the company was “challenged by the post-COVID environment and uncertain economic conditions.”
David’s Bridal’s Chapter 11 filing listed its estimated liabilities to be in the range of $100 million to $500 million, in line with its estimated assets.
U.S. Bankruptcy Judge Christine Gravelle approved a sale to New York-based asset manager Cion Investment Corp. in a no-cash transaction last week. The purchase amount was not disclosed.
The terms of the deal will keep 195 stores open, saving the jobs of between 7,000 and 10,000 employees, according to a Reuters report.
David’s Bridal currently has 294 stores in total, including 278 in the U.S., 12 in Canada, and four in the U.K.
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It has around 10,000 employees, including 2,000 full-time and 8,000 part-time workers, as per court filings.
Shortly after its bankruptcy announcement, the company said it planned to lay off 9,236 workers nationwide in phases from April through mid-August, according to a Pennsylvania WARN notice.
Cion will pay off some of the retailer’s debt, bringing it down to $50 million from $256.9 million, said Reuters.
David’s Bridal previously filed for bankruptcy in 2018, weighed down by debt and lagging wedding dress sales, then emerged from bankruptcy the following year.
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