David's Bridal filed for Chapter 11 bankruptcy protection on Monday, after confirming suspicions last week of a pending filing and reassuring customers the company wasn't going anywhere.
The wedding and prom retailer said there is no danger for, saying operations would continue as normal during the Chapter 11 restructuring.
The filing will wipe out more than $400 million in long-term debt, the company said Monday. The privately held retailer, based in Conshohocken, Pennsylvania, has between $500 million and $1 billion in liabilities, and between $100 million and $500 million in assets, according to bankruptcy documents.
The company has lender commitments for $60 million in new financing and expects to exit Chapter 11 in early January.