David’s Bridal, the largest bridal chain in the U.S., has filed for bankruptcy shortly after laying off almost 10,000 workers.
In the filing, announced on Monday, the company said its nearly 300 stores and website would remain open and operations would continue while the company looks for a buyer and tries to cut costs and sell off some assets.
David’s Bridal said on Friday that it would be laying off 9,236 workers nationwide in three phases.
“Over the last several years, we have taken meaningful strides in our transformation to fulfill the needs of the brides of today and tomorrow,” CEO James Marcum said. “We have successfully modernized our marketing and customer interaction processes and driven our retail service levels to best in class.
“Nonetheless, our business continues to be challenged by the post-COVID environment and uncertain economic conditions, leading us to take this step to identify a buyer who can continue to operate our business going forward. We are determined to stay focused on our future, because we believe we have an important role in ensuring that every bride, no matter her budget, can have her perfect dress.”
The company, which is headquartered outside Philadelphia, also filed for bankruptcy in 2018.
A number of other retailers have filed for bankruptcy recently as jobless claims rise again, interest rates continue to soar and consumer spending decreases. Tupperware’s stock sank last week after the food storage company warned it risked going out of business. Bed Bath & Beyond is also closing stores and on the verge of bankruptcy. Party City filed for bankruptcy protection in January and announced its stores would stay open while undertaking an “expedited restructuring.”