David’s Bridal Files for Bankruptcy!
Is this the end of the line for David's Bridal? One of the countries most popular bridal shop has just filed for bankruptcy.
According to USAToday, the company is saddled with hundreds of millions of dollars in debt from a private-equity buyout several years ago and faces a surge of digital competition.
So what does that mean for brides-to-be? CEO Scott Key said in a statement: “David’s Bridal will continue to lead our category with an unbeatable selection of beautiful, high-quality wedding and special occasion dresses in a wide range of styles, colors, sizes, and prices.”
One of the reasons why the company has filed for bankruptcy is due to the fact that Americans are waiting longer to get married or decide not to get married altogether. The article goes on to say that the number of new marriages per 1,000 Americans was 6.9 in 2016, down from 8.2 in 2000, representing a decline of about 16 percent in the wedding rate.
There are over 300 David's Bridal stores in 45 states, including one location in Sioux Falls.
The bankruptcy will not affect those who have already ordered dresses or wedding attire. The business will continue to run as normal - for now - as the bankruptcy runs its course.
"Unlike Alfred Angelo, which shut down last year without telling soon-to-be brides, David's Bridal customers won't be affected by the bankruptcy. Wedding dresses will arrive on time and bridal appointments won't be impacted, the company said," CNN Business reported.