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David's Bridal files for bankruptcy

David's Bridal files for bankruptcy
David's Bridal files for bankruptcy 00:20

CONSHOHOCKEN, Pa. - Popular wedding gown retailer David's Bridal has filed for bankruptcy, CBS Philly reports.

The announcement comes just days after the company announced it is laying off more than 9,000 out of its 11,000+ workers around the country.

David's Bridal said business will continue as normal and orders will still be fulfilled without disruption or delay, according to CBS Philly. 

Massachusetts has David's Bridal stores in Danvers, Dartmouth, Natick, North Attleboro, West Springfield and Westwood. There is also a location in Nashua, New Hampshire. 

David's Bridal told CNN Business last week that the company is "evaluating our strategic options and a sale process is underway." It also said all of its stores currently remain open.

Retail analyst Neil Saunders told CNN that David's Bridal is in "crisis mode" and expects the company to close stores.

"The business in its current form isn't working and the hope will be that a smaller entity will be more financially viable," he said.

David's Bridal filed for bankruptcy in 2018 after being laden with growing debt and declining sales of wedding dresses. It emerged from bankruptcy in 2019 as it continued to try to fix the business.

But a global pandemic in 2020 badly walloped weddings as social gatherings came to an abrupt standstill. The following year, David's Bridal, which operates more than 300 stores, said it had anticipated weddings to return with a vengeance because of pent-up demand.

But the layoffs at David's Bridal come amid ongoing job losses across retail, tech and other industries. Walmart last week said it is laying off more than 2,000 workers at five US warehouses and Best Buy is reportedly cutting hundreds of store-level jobs, according to a Wall Street Journal report Friday.

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