For more than 70 years, David's Bridal has served as one of the nation's biggest one-stop wedding party shops, claiming that 1 in 4 brides don its wedding dresses on their big day. Now, however, the Pennsylvania-based chain is $257 million in debt, per court documents, and it's taking drastic measures to settle what it owes: Shortly after announcing it was laying off more than 9,000 workers, David's filed for Chapter 11 bankruptcy protection on Monday, reports CBS News. "We have successfully modernized our marketing and customer interaction processes and driven our retail service levels to best in class," company CEO James Marcum says in a statement. "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."
Per a notice from the Pennsylvania Department of Labor & Industry, David's will lay off 9,236 of its 10,000 or so workers, in waves stretching from this month through August. It appears these layoffs mainly impact the company's corporate workforce, not staffers working in the chain's stores. David's, which has nearly 300 stores not only across the US, but also Canada and the UK, also filed for Chapter 11 bankruptcy in late 2018, when it was under $400 million in debt, though it came out from under that by early the next year. The AP notes that, despite the bad news, "your order is safe" if you've got any attire commissioned from there: While David's Bridal looks for a way to sell, stores remain open and its website is operational to help brides and grooms continue to plan their weddings. Orders are said to be continuing without delay. (More bankruptcy stories.)
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