Jeenah Moon | Bloomberg | Getty Images
A pedestrian passes in front of a David’s Bridal Inc. store in completely new York, U.S., on Wednesday, Nov. 14, 2018.
Wedding dress retailer David’s Bridal said on Thursday This kind of will file for bankruptcy from the “near future,” as This kind of grapples which has a heavy debt load amid changing consumer tastes from the wedding industry.
The bankruptcy will be part of a deal the retailer has reached with its lenders in which will reduce its debt by more than $400 million .
David’s Bridal said in a statement the company will continue to operate throughout bankruptcy. Customers can continue to shop in its more than 300 stores, as well as its orders as well as appointments will not be impacted..
“David’s Bridal will continue to lead our category with an unbeatable selection of beautiful, high-quality wedding as well as special occasion dresses in a wide range of styles, colors, sizes, as well as prices,” CEO Scott Key said.
“For 60 years David’s has delivered for our customers on time, as well as the agreement announced today allows us to maintain in which tradition for many years to come.”
David’s Bridal’s term loan lenders have offered $40 million to help support the retailer’s operations throughout its bankruptcy.
The bridal store was acquired by private equity firm Clayton, Dubilier & Rice in 2012 for roughly $1.05 billion.
The imminent bankruptcy comes roughly a year after bridal store Alfred Angelo liquidated its business, another victim of the changing times.
Millennials at This kind of point marry later on. When they do, often opt for non-traditional garments. Newer online retailers like Reformation at This kind of point offer brides more relaxed alternatives to the traditional gowns worn in years past.
David’s Bridal made its own online push, buying digital gift company Blueprint Registry This kind of past summer. This kind of can be hard though, for traditional retailers hamstrung by debt to build up the infrastructure necessary to support an expansive e-commerce business.