All articles tagged with #davids bridal
Originally Published 6 months ago — by The New York Times
Tariffs on China have increased costs for wedding dresses, most of which are made there, prompting David's Bridal to seek strategies to adapt to the rising expenses and protect its market share.
Originally Published 2 years ago — by New York Post
Bankrupt wedding gown retailer David's Bridal has reached a deal with asset manager Cion Investment Corp. to sell its business in a no-cash transaction, allowing 195 stores to remain open and avoiding a complete shutdown. The sale was approved by a US Bankruptcy Judge, who stated that employees, landlords, and creditors would be better off under new ownership. The company had explored multiple potential buyers but received only two offers besides Cion's bid. The sale will preserve two-thirds of the company's stores and reduce its debt from $256.9 million to about $50 million. David's Bridal filed for bankruptcy in April, citing the impact of the COVID-19 pandemic and decreased demand for wedding dresses.
Originally Published 2 years ago — by Yahoo Finance
David's Bridal CEO Jim Marcum has assured customers that the bridal chain will fulfill all orders despite filing for bankruptcy for the second time in five years. However, the future of the company's workforce remains uncertain, with over 9,000 employees at risk of being laid off. David's Bridal is actively seeking a buyer, but if one is not found, store closures and inventory liquidation are likely. The COVID-19 pandemic and changing attitudes towards marriage have contributed to the company's financial struggles.
Originally Published 2 years ago — by RichmondBizSense
David's Bridal has filed for Chapter 11 bankruptcy protection and is seeking a buyer while weighing liquidation. The future of its newly opened store in Short Pump is uncertain. If a buyer isn't found, the company will be forced to close all its physical stores. The company plans to continue fulfilling customer orders and operating as normal during the bankruptcy proceedings. This is the second Chapter 11 filing for David's Bridal in five years, and the company has been struggling due to adverse macroeconomic trends and industry-specific headwinds, including the lasting impact of COVID-19 on the wedding industry.
Originally Published 2 years ago — by CNN
The recent bankruptcy filing of David's Bridal, a major retailer in the wedding industry, has caused concern among brides-to-be who have already purchased dresses or have upcoming weddings. While the company plans to continue operations, some customers are worried about potential delays or cancellations of orders. The bankruptcy also highlights the struggles of the retail industry as a whole.
Originally Published 2 years ago — by The Washington Post
David's Bridal, the largest bridal store in the US, has filed for Chapter 11 bankruptcy for the second time in five years. The company is seeking a buyer to continue operations and has filed a notice to lay off over 9,000 employees. Brides and grooms may worry about disruptions to their special day, but the company is determined to stay focused on its future and ensure that every bride, regardless of budget, is taken care of.
Originally Published 2 years ago — by WPVI-TV
David's Bridal CEO, Jim Marcum, clarified that the company's warning of possible layoffs for 80% of its workforce is not a sure thing and hopes that thousands of employees can keep their jobs. The company's priority is to deliver dresses to brides without disruption or delay. Marcum believes that the pandemic played a role in the company's second bankruptcy filing and that a hybrid business model of online and in-store sales is the way forward. The company expects to have more certain answers about future layoffs and possible store closures by mid-June.
Originally Published 2 years ago — by NPR
Wedding retailer David's Bridal is filing for bankruptcy for the second time in five years, and is laying off 9,326 employees over four months due to the post-COVID environment and uncertain economic conditions. The company will still fulfill orders, and stores and its website will remain open. The wedding industry has been impacted by societal changes, such as couples marrying later and having smaller weddings, and women buying dresses online and secondhand.
Originally Published 2 years ago — by CBS News
David's Bridal has filed for bankruptcy and plans to lay off more than 9,000 workers nationwide later this year. The wedding dress retailer said its stores and e-commerce website will remain open during the financial restructuring process. The Pennsylvania-based company, which has $257 million in debt, is trying to arrange a sale of the company. David's Bridal previously filed for Chapter 11 bankruptcy in 2018 and exited in 2019, but fewer customers bought gowns in the 2019 season because the company's bankruptcy the year prior eroded customers' confidence.
Originally Published 2 years ago — by USA TODAY
David's Bridal has filed for bankruptcy protection due to the post-COVID environment and uncertain economic conditions. The wedding retailer plans to sell all or some of its assets while continuing to operate its stores and fulfill orders without delay. Customers can still shop online, make returns or exchanges, and use gift cards in accordance with the chain's usual policies. David's Bridal emerged from Chapter 11 bankruptcy protection in 2019 after modernizing its business.
Originally Published 2 years ago — by GMA
David's Bridal, one of the largest bridal retailers in the US, has filed for bankruptcy and announced plans to lay off 9,236 employees across its hundreds of stores just weeks before wedding season. The company has already begun layoffs in Pennsylvania and may shut down some stores. The post-pandemic environment and uncertain economic conditions have continued to affect the wedding industry, leading to fewer people tying the knot this year. David's Bridal CEO James Marcum said the company is determined to stay focused on its future and find a buyer who can continue to operate the business going forward.
Originally Published 2 years ago — by CNN
David's Bridal, the largest bridal retailer in the US, has filed for Chapter 11 bankruptcy due to inflation, competition from online and secondhand retailers, and a shift to more casual weddings. The company will keep its stores and website operating while searching for a buyer, but may have to close all stores and liquidate if a buyer is not found. This is the retailer's second bankruptcy in five years.
Originally Published 2 years ago — by The New York Times
David's Bridal, the largest wedding dress retailer in the US, has filed for Chapter 11 bankruptcy for the second time in five years. The company plans to continue exploring a sale of all or some of its assets and will keep its roughly 300 locations open during the process. The pandemic has changed the way many people dress for weddings, which has hurt David's Bridal. The retailer has hired law firms and investment banks to assist with a possible sale. The company has also started slashing thousands of jobs.
Originally Published 2 years ago — by NBC News
David's Bridal has filed for Chapter 11 bankruptcy two days after laying off over 9,000 workers, citing uncertain economic conditions in the post-COVID environment. The company will continue operations while looking for a buyer. Other retailers, including Best Buy, have also signaled a weakening sales environment and have announced layoffs.
Originally Published 2 years ago — by PHL17 Philadelphia
David's Bridal, one of the largest sellers of wedding gowns in the US, has filed for Chapter 11 bankruptcy protection and plans to cut at least 9,000 positions. The company is looking to sell the business, but stores will remain open and brides will be able to purchase dresses without any disruptions. This is the second time the company has filed for bankruptcy, with the first being in 2018.