David’s Bridal Announces Bankruptcy
For many years, David's Bridal has been a key component in weddings across the country. For brides, it's the go-to place for seeing wedding dresses in real life. It has been the perfect store for trying on tons of styles and designers before the blushing bride makes a decision on one of the most important dresses in her life. Unfortunately, all of those visits, with or without an entourage of bridesmaids, have not translated into sales.
With a growing number of women choosing online, local, or even do-it-yourself solutions for the dress - David's Bridal is facing bankruptcy. Business Insider is reporting that the retail chain filed for chapter 11 bankruptcy protection early this morning. The plan is to reduce the $760 million in debts by about $400 million, and to restructure the entire business plan in order to compete with online (and frankly, less expensive) competitors like Anthropologie, H&M, Asos, and Reformation.
David's Bridal CEO, Scott Key, says that despite the bankruptcy filing all 300 stores will remain open and inventory will not have to be liquidated.