David’s Bridal Files for Bankruptcy & What This Means for Brides
Another long-time retailer found itself in financial troubles and has been forced to file for bankruptcy.
David's Bridal, a one-stop shop for everything bridal wear, filed for Chapter 11 bankruptcy protection on Monday (WZZM). This will take care of a $400 million debt owed to a "private-equity buyout several years ago." And just like many other brick-and-mortars, the online competition was affecting sales.
So how does this bankruptcy affect brides? Thankfully, it doesn't. David's Bridal said in a statement that they plan on keeping their physical and online stores open. So if anyone has ordered anything from the retailer, they can still expect to get everything without any issues. This also includes any appointments people have made.
David's Bridal hopes to be out of the red by January.
WZZM reports that people getting married later in life and spending less has also impacted the bridal industry. The latest U.S. statistic shows that the wedding rate dropped 16% between 2000 to 2016.