If you’re a bride, I’m guessing you already know this. If not, here is what is going down. On April 17th, 2023, the largest bridal and special occasion retailer in North America, David’s Bridal, filed for “Chapter 11 Bankruptcy” protection. They are seeking a buyer to sell the company to, and they have several bidders interested in certain assets (inventory and real estate). Who knows if and who this may be. They also filed in 2018, which they emerged from two months later. The company claims the reason is due to the impacts of COVID-19, high inflation, and decreased wedding gown sales. Will there be a VERA WANG larger, big-box chain now (just a speculation)?
*SEE POSTS FROM OTHER SOURCES BELOW*
What does this mean for future brides? Here are the key points:
~MOST IMPORTANTLY, the company plans to “fulfill all customer orders without disruption or delay“, for those who have already purchased. They are also honoring returns & exchanges, continuing alterations, and allowing payment by gift cards.
~If David’s Bridal is sold, the new company may be “scaled down” and reduce the number of stores. If no Buyer, the company plans to liquidate and eventually close all 294 stores (278 in the US, 12 in Canada, and 4 in the UK). If closing, it is estimated the employee reduction will be in August, so look for the sales in June & July
~Don’t wait, shop NOW! Since this is huge news, don’t wait to check out the dresses. While the % off may not be as low as July & August, the selection is greater now. DON’T MISS OUT to save more. Get what you want ASAP so you will find something you like!
~Either way, this likely means there will be HUGE MARKDOWN SALES.
~Most of their inventory is BRIDESMAID DRESSES, so if you still need those, be on the lookout for savings.
~Bridal Gowns & Accessories is the second largest bulk of their inventory, lookout for those discounts as well.
~When will the sales start? Probably immediately.
~See their STORE DIRECTORY (as of 4/20/23).
Taken directly from page 20 of the declaration of bankruptcy on “Substantial Shifts in the Wedding Industry“, I found the below info provided interesting (especially the mention of thrift shopping).
“Attitudes towards marriage have been evolving over the last few decades, with it becoming more common for people to not marry their long term partners. These trends are consistent with societal changes in attitudes and practices, which have moved in a less traditional direction over the past few decades. Despite these shifts, the overall wedding industry historically remained stable with the number of weddings averaging above two million per year. As a result of the COVID-19 pandemic and the related ban on in-person activities and large gatherings, the national marriage rate in 2020 fell to its lowest level in 121 years. Based on the Company’s data derived from various sources and customer surveys, the marriage rate in 2022 remained low, with only 1.9 million weddings occurring last year as compared to the more than 2.2 million weddings that occurred annually in the years leading up to the pandemic.
Due to the significant number of weddings postponed during the pandemic, brides still find it challenging to secure their ideal wedding venue, resulting in couples elongating their wedding planning cycles and brides delaying their timing for selecting a dress. While the wedding industry has not yet rebounded, the Debtors are also experiencing reduced demand due to shifts in consumer behavior in the post-COVID environment and the current macroeconomic environment. This environment has contributed to David’s Bridal facing escalating competition from traditional online retailers and other pure-play clothing retailers, as an increasing number of brides are opting for less traditional wedding attire, including thrift wedding dresses. Thus, the demand for formal wedding dresses, bridesmaid dresses, and related accessories has decreased substantially in the current environment. The bridal wear industry is unique and these shifting consumer preferences have significantly exacerbated the Debtors’ liquidity issues.”
POSTS FROM OTHER REPUTABLE SOURCES
David’s Bridal Files for Bankruptcy-Here’s What It Means for Brides-to-Be
David’s Bridal filed for bankruptcy on April 17, 2023. Here’s what it means for brides-to-be who have already ordered wedding dresses from the popular retailer and the next steps you should take.
David’s Bridal Needs To Find A Buyer To Survive
Bankrupt wedding retailer David’s Bridal is looking for a buyer willing to say “I do” to a strategic sale of the company.
David’s Bridal declares bankruptcy, will lay off more than 9,000 workers
Wedding dress retailer cites “post-COVID environment and uncertain economic conditions,” saying it’s looking for a buyer.
David’s Bridal files for bankruptcy for the second time in 5 years
CEO James Marcum said the COVID-19 pandemic has greatly impacted its finances. During that time, the company was still spending on rent on its brick and mortar stores and factories were shut down.
What the David’s Bridal Bankruptcy Means for Couples
The retailer, which says it services one in four brides across the country, prompted a ripple effect of concerns with its bankruptcy filing. Here’s what to consider.
David’s Bridal Files for Bankruptcy: What Brides Waiting on Dresses Need to Know
David’s Bridal filed for bankruptcy on Monday, with the company’s CEO saying the brand continues to be challenged by the post-COVID environment.
This is informative for brides searching for an affordable wedding dress. It’s good to know that David’s Bridal will continue to fulfill orders. The future may mean huge markdown sales, which is an opportunity for brides to get their dream dresses at a lower cost.
Thanks for your feedback. The markdown sales will be very beneficial for shopping brides. It’s unfortunate the chain won’t be around much longer as a bridal shop resource. 🙁