Orders will arrive on time and bridal appointments will not be impacted, according to Scott Key, chief executive officer of David’s Bridal.
"For more than 60 years, David's has delivered beautiful, high-quality dresses and accessories for our customers' most special occasions, and the actions we are taking will enable us to build on that tradition," Key said in a statement, according to CNBC. "Our team is laser focused on providing brides and their families with the five-star service and experience they deserve and have come to expect from us."
"We are, and will continue to be, open for business," Key said in a message to customers on the David's Bridal website.
The company’s financial woes do not come as a surprise. David’s Bridal missed an interest payment on $270 million in unsecured notes in mid-October. The missed payment sets into motion a 30-day grace period with debtholders before the retailer is in default.
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.
About the Author