David’s Bridal has filed for bankruptcy, days after it announced its plans to lay off more than 9,000 employees.
In a press release shared on Monday, the company revealed that it was filing for Chapter 11 bankruptcy protection. However, David’s Bridal stores will still be remaining open, with plans to complete all of its customers orders without any delays. In addition, the store’s online site will still be operating as usual.
James Marcum, Chief Executive Officer of David’s Bridal, also issued a statement about the “meaningful strides” the company has taken in a transformation “to fulfill the needs of the brides of today and tomorrow”. However, he went on to cite how the pandemic has ultimately affected the company’s need to find a new buyer
“We have successfully modernized our marketing and customer interaction processes and driven our retail service levels to best in class. Nonetheless, our business continues to be challenged by the post-COVID environment and uncertain economic conditions, leading us to take this step to identify a buyer who can continue to operate our business going forward,” he said.
He continued: “We are determined to stay focused on our future, because we believe we have an important role in ensuring that every bride, no matter her budget, can have her perfect dress.”
Based in Conshohocken, Pennsylvania, the company has about 300 stores across dozens of states and employs more than 11,000 workers.
In his statement, Marcum also acknowledged his gratitude for David’s Bridal customers and the company’s plans to provide them with the best service possible.
“We are grateful to the seven decades of brides and customers who have trusted us with the most special events of their lives, as well as to the dedicated associates and valued partners who make our customers’ dreams come true,” he added. “We remain as committed as ever to providing excellent service, delivering for our brides and customers, and being part of magical moments.”
The announcement came only two days after the wedding gowns and formal wear business revealed its plans to lay off more than 9,236 employees across the country.
According to a document shared by the Department & Labor Industry, David’s Bridal began its first round of layoffs in stores in Pennsylvania on 14 April. The layoffs will continue until 11 August and will effect 15 stores within nine different counties of the state.
Along with Monday’s filing, which was first made in New Jersey, David’s Bridal filed for Chapter 11 bankruptcy 2018. However, it reemerged from the bankruptcy in 2019.
