David’s Bridal, which has two stores in Jacksonville, has filed for Chapter 11 bankruptcy protection in Delaware.
The wedding store chain operates more than 300 stores nationwide.
The bankruptcy filing had been expected since the Pennsylvania-based company had previously announced a restructuring support agreement (RSA).
David’s Bridal filed for what’s known as a “prepackaged bankruptcy,” which means it negotiated with its creditors ahead of going into court.
The company claims it has enough liquidity to meet its business obligations and will continue to operate its business as usual throughout the court-supervised restructuring process.
"Today's announcement is just the next step in our efforts to proactively secure David's Bridal for a long, successful future,” said company CEO Scott Key in a news release.
The company expects to complete its court-supervised restructuring in January.
USA Today reported that David’s Bridal sells about one in three wedding dresses in the U.S. and has also reported that the number of new marriages in the U.S. dropped about 16 percent between 2000 and 2016.
The drop in the wedding business was a contributing factor in sending David’s Bridal competitor Alfred Angelo into bankruptcy in 2017. In that bankruptcy some Jacksonville brides were left high and dry by the sudden closure of 60 Alfred Angelo stores in the U.S., including one on Atlantic Boulevard in Jacksonville.
David’s Bridal’s Jacksonville locations are at the Regency Park Shopping Center at 9400 Atlantic Boulevard and The Shoppes at Southside at 9990 Southside Boulevard.
Bill Bortzfield can be reached at bbortzfield@wjct.org, 904-358-6349 or on Twitter at @BortzInJax.
