The entrance to a David's Bridal store is seen Monday, Nov. 19, 2018, in Orlando, Fla. David's Bridal is filing for bankruptcy protection but there is no danger for customers who have ordered dresses because operations are continuing as normal while the wedding and prom retailer restructures. (AP Photo/John Raoux)David's Bridal is filing for bankruptcy protection but there is no danger for customers who have ordered dresses because operations continuing as normal while the wedding and prom retailer restructures.
The bankruptcy filing, the private company said Monday, will wipe out more than $400 million in long-term debt.
It has commitments for $60 million in new debtor-in-possession financing and expects to exit Chapter 11 in early January.
The 300-plus stores run by the Conshokocken, Pennsylvania, company will continue to operate and online sales will continue unimpeded.
"For more than 60 years, David's has delivered beautiful, high-quality dresses and accessories for our customers' most special occasions, and the actions we are taking will enable us to build on that tradition," CEO Scott Key said in a statement. "We are implementing our consensual restructuring plan from a position of strength and, with the support of our lenders, noteholders and equity holders, the plan will allow us to reduce our debt significantly while continuing to run our business as usual."
David's Bridal operates a Chattanooga store at 1820 Gunbarrel Road in the Gunbarrel Pointe shopping center.