Bankruptcy next? Popular bridal retail chain misses debt payment

Credit: DaytonDailyNews

David’s Bridal could be the next chain retailer to file for bankruptcy.

David’s Bridal missed an interest payment on $270 million in unsecured notes, according to a news release from S&P Global emailed to Retail Dive. The missed payment sets into motion a 30-day grace period with debtholders before the retailer is in default.

» TRENDING: 7 major moves Kroger made in 2018

The retailer has struggled for the past year to reduce its debt while reporting weak operating performances. Analysts have predicted that the retailer could restructure its debt within six months.

It’s not the only bridal retailer to struggle due to industry disruption.

Bridal retailer Alfred Angelo abruptly closed its stores in 2017 without notice, leaving brides and wedding parties scrambling to pick up their dresses. The company had more than 60 stores across the U.S., including one location near the Dayton Mall.

When the stores closed, David’s Bridal is offering 30 percent discounts to brides who are left without dresses.

FIVE FAST READS

• Target releases cheese-filled advent calendar for the holidays

• You won't believe the inside of this INCREDIBLE Oakwood house

• 5 things you need to know about Sears' bankruptcy

• Air Force adapts training for medics

• Sears among six retailers closing in Ohio this year

About the Author