- David’s Bridal is reportedly considering filing for bankruptcy, Bloomberg reported this week.
- The wedding and bridesmaid dress chain has suffered in recent years as trends have shifted toward more casual, lower-priced wedding dresses. It has increasingly found itself squeezed out by new lower-cost competitors.
- The popular wedding brand Alfred Angelo faced a similar problem before filing for bankruptcy last year.
More brides want to dress down on their wedding day, and it’s hurting traditional bridal stores.
This week, Bloomberg reported that David’s Bridal, a 300-store chain that sells wedding and bridesmaid dresses, could be filing for bankruptcy imminently.
The company has until November 14 to make an interest payment that it skipped last month. Sources familiar with the matter told Bloomberg that if it is unable to reach an out-of-court deal with its creditors, it will be forced to file for bankruptcy.
David’s Bridal did not immediately respond to Business Insider’s request for comment.
The store has suffered for some time. In February this year, Moody’s downgraded its rating to negative from stable, citing falling traffic and same-store sales over the past two years and blaming its weakness on the casualization of weddings.
“In our view, this is a reflection of the…