David's Bridal Files for Bankruptcy
The nation's biggest bridal retailer has filed for bankruptcy. Public court records show that David’s Bridal has filed chapter 11 as the company has been dealing with a lot of debt. Records show that David’s Bridal owes between $500 million and $1 billion to creditors.
Under the bankruptcy agreement, the debt amount will be reduced by more than $400 million. Although sales and marriage rates declining over the years are to blame, the company ensures that all wedding dresses will still arrive on time and no bridal appointments will suffer.