David's Bridal Files For Bankruptcy
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CONSHOHOCKEN, Pa. (CBS/AP) — David's Bridal is filing for bankruptcy protection but the company says there is no danger for customers who have ordered dresses because operations are continuing as normal while the wedding and prom retailer restructures.
The bankruptcy filing, the private company said Monday, will wipe out more than $400 million in long-term debt.
It has commitments for $60 million in new debtor-in-possession financing and expects to exit Chapter 11 in early January.
"We are, and will continue to be, open for business," Scott Key, the company's CEO, said.
The 300-plus stores run by the Conshohocken, Pennsylvania-based company will continue to operate and online sales will continue unimpeded.
There are approximately nine David's Bridal stores in the Philadelphia area.
(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)