DAVID’s Bridal CEO Jim Marcum has confirmed 195 stores have been saved by a bankruptcy buyout.
The wedding retailer has emerged as a new company after shutting down 100 stores earlier this year.
David’s Bridal chief executive officer Jim Marcum has confirmed around 195 nationwide stores have been saved as a result of July’s bankruptcy buyout.
The wedding store chain previously filed for Chapter 11 bankruptcy protection in April, putting around 300 locations at risk of closure.
But a deal struck with Cion in July means David’s Bridal will now live on.
“We closed approximately 100 stores,” Marcum told Fox Business.
The boss said that around 195 stores will now stay open, saving thousands of jobs.
“We have emerged as a new company with Cion, with all our capabilities intact, and we’re focussed today on the bride and the customer,” Marcum added.
He also confirmed that all customer orders were fulfilled amid the bankruptcy filing as promised.
David’s Bridal has now filed to have the bankruptcy case dismissed.
DAVID’S BRIDAL TROUBLES
The retailer previously cited the Covid-19 pandemic, decreased demand for wedding dresses, and high inflation for its struggles.
Its approximately 300 stores employ around 11,000 workers nationwide.
Despite the company’s financial woes, David’s Bridal has remained the number-one wedding store nationwide.
Around 25 percent of brides in the US wear David’s Bridal gowns at their weddings, according to the company’s court filings.
But the buyout deal with Cion came too late for some David’s Bridal stores, which have already shut down.
For example, 13 stores have permanently closed in Texas, including the San Antonio location.
Other brands have also suffered this year amid what has been described as the retail apocalypse.
One of the biggest casualties has been Bed Bath & Beyond.
The once-dominant retailer permanently closed all 360 stores over the summer.
Meanwhile, a Westfield mall in one major city is closing down, affecting 190 different outlets.