Business Insider/Jessica Tyler David's Bridal does not have plans to close stores.
- David's Bridal filed for Chapter 11 bankruptcy protection, it said in a press release on Monday.
- The new deal will enable it to reduce its $760 million debt load by $400 million and to continue to operate business as usual. According to the company, there are no current plans to close stores or liquidate.
- The wedding and bridesmaid dress chain has been struggling for years as millennials shift away from traditional weddings, opting for more casual and lower-priced ones.
- We visited one of the chain's stores just before it filed for bankruptcy. Here's what it was like.
David's Bridal has filed for Chapter 11 bankruptcy protection, it said in a press release on Monday.
The new deal will allow the wedding dress chain to reduce its $760 million debt load by $400 million and continue to operate business as usual. According to the company, it has no plans to close its stores or liquidate inventory. Current orders and bridal appointments will not be impacted.
Bloomberg reported on November 5 that the 300-store chain could be filing for bankruptcy imminently. The wedding and bridesmaid dress chain has been struggling in recent years because millennials are shifting away from traditional weddings, opting for more casual, lower-priced weddings and gowns.
On top of that, David's Bridal has been under pressure to lower its prices, as stores like Anthropologie, H&M, and Asos all offer less expensive bridal collections.
"There are so many options for brides to shop now, and women have the option to shop for less," Anne Chertoff, a wedding-industry marketing consultant, told Business Insider's Mary Hanbury earlier this year. "The market is saturated, and it gets diffused."
We visited a David's Bridal store just days before it filed for bankruptcy. Here's what it was like:
