JACKSONVILLE, 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.
The bankruptcy filing, the private company said Monday, will wipe out more than $400 million in long-term debt.
The company said it has commitments for $60 million in new debtor-in-possession financing and expects to exit Chapter 11 in early January.
"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," Scott Key, chief executive officer of David’s Bridal, said in a news release. "Today’s announcement is just the next step in our efforts to proactively secure David’s Bridal for a long, successful future."
The 300-plus stores run by the Conshokocken, Pennsylvania, company will continue to operate and online sales will continue unimpeded.
Key sent a message to customers in a video posted on the company's website, saying stores will be open for business alterations will be delivered as promised.
In an email sent Monday morning to News4Jax, a company spokeswoman reiterated that no planned store closures are tied to the announcement, including the two locations in Jacksonville.
Both the Southside Boulevard store and Atlantic Boulevard store also said they will remain open and brides can still pick up their dresses.
The international bridal chain was founded in 1950 as a neighborhood bridal salon in Fort Lauderdale, Florida.