Wedding dress retailer David’s Bridal has announced that it successfully emerged from Chapter 11 bankruptcy after completing financial restructuring.
In November last year, the retailer filed for reorganisation under Chapter 11 of the United States Bankruptcy Code in the District of Delaware to implement its restructuring support agreement (RSA).
The RSA is focused on reducing the retailer’s debt by more than $400m, as well as offer financial flexibility to support long-term growth prospects.
David’s Bridal CEO Scott Key said: “I am excited to announce that we have successfully emerged from Chapter 11 bankruptcy on an accelerated timeline thanks to the tireless efforts of our team and our new owners’ confidence in the future of our company.
“Throughout this process, we fully delivered on our promise to our customers: dresses arrived on time, stores remained open, and as a company, we continued to deliver service worthy of five stars.
“We look forward to building on the success our brand has established over the past 60 years.”
David’s Bridal claims that it currently holds a stronger balance sheet and a clear strategy for future growth. The retailer is planning to re-introduce various dress styles at lower prices and expand product portfolio to include a range of sizes on contemporary styles for this year.
David’s Bridal has introduced free online wedding registry Blueprint to offer guidance on determining room, cash and group gifting, as well as enable customers to add items from any website.
It also expanded the product portfolio of its online store with new collections of bridesmaid and special occasion dresses.
David’s Bridal currently operates more than 300 stores located across the US, Canada, the UK, and franchise locations in Mexico.