Current:Home > MarketsDavid's Bridal files for bankruptcy for the second time in 5 years-DB Wealth Institute B2 Expert Reviews
David's Bridal files for bankruptcy for the second time in 5 years
View Date:2024-12-24 00:07:12
Wedding retailer David's Bridal is filing for bankruptcy for the second time in five years, and is laying off 9,326 employees over four months, the company announced Monday.
David's Bridal first filed for bankruptcy in 2018 to restructure its debt. But the COVID-19 pandemic meant less customers were visiting its brick-and-mortar stores and factories had to shut down.
"We have successfully modernized our marketing and customer interaction processes and driven our retail service levels to best in class," CEO James Marcum said. "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."
In 2012, a private equity firm bought David's Bridal, which riddled the company with debt. Additionally, societal changes, such as couples marrying later and having smaller weddings, and women buying dresses online and secondhand, has impacted the wedding industry in recent years.
Orders will still be fulfilled, as stores will remain open and its website will still be available, it said.
Additionally, customers will still be able to take advantage of Diamond, the rewards program. Gift cards, returns and exchanges are also being honored.
Employees will continue to be paid, the company said.
veryGood! (299)
Related
- Powell says Fed will likely cut rates cautiously given persistent inflation pressures
- Fearing ostracism or worse, many nonbelievers hide their views in the Middle East and North Africa
- 'Why they brought me here': Twins' Carlos Correa ready for his Astros homecoming in ALDS
- Morgan State shooting erupted during dispute but victims were unintended targets, police say
- 2 dead in explosion at Kentucky factory that also damaged surrounding neighborhood
- EPA to investigate whether Alabama discriminated against Black residents in infrastructure funding
- Khloe Kardashian Addresses Tristan Thompson’s “Traumatic” Scandal After He Calls Her His “Person”
- Shooting at mall in Thailand's capital Bangkok leaves at least 2 dead, 14-year-old suspect held
- Powerball winning numbers for November 11 drawing: Jackpot hits $103 million
- Brian Austin Green was bedridden for months with stroke-like symptoms: 'I couldn't speak'
Ranking
- NFL MVP rankings: Does Steelers QB Russell Wilson deserve any consideration?
- Man steals car with toddler in back seat, robs bank, hits tree and dies from injuries, police say
- Highlights from AP-NORC poll about the religiously unaffiliated in the US
- Adnan Syed goes before Maryland Supreme Court facing ‘specter of reincarceration,’ his lawyers say
- Reese Witherspoon's Daughter Ava Phillippe Introduces Adorable New Family Member
- You’ll Be Stupefied to Learn How Much Money Harry Potter Background Actress Made on the Movies
- 'The Exorcist: Believer' review: Sequel is plenty demonic but lacks horror classic's soul
- Brian Austin Green was bedridden for months with stroke-like symptoms: 'I couldn't speak'
Recommendation
-
NBPA reaches Kyle Singler’s family after cryptic Instagram video draws concern
-
Kevin Spacey Hospitalized After His Entire Left Arm Goes Numb
-
David Beckham Details How Victoria Supported Him During Personal Documentary
-
A Chicago woman died in a hotel freezer in 2017. Now her mother has reached a settlement
-
Jon Gruden joins Barstool Sports three years after email scandal with NFL
-
'Climate captives': Frogs, salamanders and toads dying rapidly as Earth warms, study says
-
Man steals car with toddler in back seat, robs bank, hits tree and dies from injuries, police say
-
Attack ads and millions of dollars flow into race for Pennsylvania Supreme Court seat