Bridal apparel retailer’s bankruptcy plan gets court approval
Deena M. Amato-McCoy
David’s Bridal is moving forward with its reorganization strategy.
The bridal apparel retailer announced late Friday that the United States Bankruptcy Court in the District of Delaware has approved its restructuring plan. According to the arranged deal, David’s Bridal will slash its debt-load by approximately $450 million, and continue selling wedding and special occasion dresses in a wide range of styles, colors, sizes, and prices.
"Today's confirmation marks the beginning of an exciting new chapter at David's Bridal as a stronger company with significantly less debt," said Scott Key, CEO of David's Bridal.
"During the court-supervised process, our more than 300 David's Bridal stores have remained open and dedicated to delivering a five-star customer experience – and I could not be prouder of our team,” he added. “I would also like to thank our lenders, noteholders and equity holders for their confidence, as well as our customers, vendors and manufacturing partners for their continued support.”
To ensure that the company can meet its shoppers’ needs, David’s Bridal will continue to introduce new styles “at lower prices, exceptional customer service, and innovative new wedding panning tools,” according to the company.
A heavy debt load, along with increased competition from lower-priced competitors and changing bridal fashions, forced David’s Bridal to file for bankruptcy protection on Nov. 16. At that time, the company promised that all dress orders would be delivered on time and bridal appointments would not be affected.