David’s Bridal files for Chapter 11 bankruptcy protection

Pennsylvania-based David”™s Bridal this morning filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware. The court-supervised process is expected to be completed by early January.

David”™s Bridal, which specializes in wedding dresses, prom gowns, and other formal wear, has stores in Yonkers and Middletown, in New York and in Danbury, Connecticut.

The company said in a statement that its previously announced restructuring supporting agreement would reduce the company”™s approximate $760 million in debt by $400 million.

In a message posted to its customers on its website, David”™s Bridal CEO Scott Key said, “Our 300-plus stores will continue operating, and all orders and alterations will be delivered as promised. We are, and will continue to be, open for business.”

As part of the court process, the company said it “has obtained commitments for $60 million in new debtor-in-possession financing from its current term loan lenders and a recommitment of its existing $125 million asset-based lending revolving credit facility to support the company’s continued operations during the restructuring.”

The company is based in Conshohocken and has been in business for 60 years.