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Bridalwear retailer David’s Bridal plans to file for bankruptcy protection, as it comes to grips with heavy debt and changes in consumer tastes.
The retailer, which operates more than 300 stores in the U.S., Canada and Mexico, says it will stay open throughout the process. “We are, and will continue to be, open for business,” CEO Scott Key said, in a video statement on the company’s website.
Key said the company has forged an agreement with its lenders to reduce its debt by more than $400 million.
"David's Bridal will continue to lead our category with an unbeatable selection of beautiful, high-quality wedding and special occasion dresses in a wide range of styles, colors, sizes, and prices," Key said. "For 60 years David's has delivered for our customers on time, and the agreement announced today allows us to maintain that tradition for many years to come."
“We are, and will continue to be, open for business”
Formal bridalwear companies have struggled with Millennials opting to marry later and wear more-relaxed weddingwear when they do tie the knot. Gap is shutting down its Weddington Way brand, J. Crew scrapped its wedding-dress operation in 2016 and Alfred Angelo went out of business altogether last year.
The company is owned by private equity firm Clayton, Dubilier & Rice, which bought David’s Bridal in 2012 for $1.05 billion. Lenders, which include Oaktree Capital Group, have offered it $40 million to support it through its bankruptcy.
By Edmund Mander
Director, Editor-In-Chief/SCT
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