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David's Bridal Files for Bankruptcy With Plan to Stay Open

  • Chapter 11 plan aims to cut debt by more than $400 million
  • Wedding-gown business wanes as brides get less elaborate
A David's Bridal Inc. store in New York
A David's Bridal Inc. store in New YorkPhotographer: Jeenah Moon/Bloomberg
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David’s Bridal Inc. filed for bankruptcy with a plan to cut debt by more than $400 million, hand ownership to lenders and keep stores open during a reorganization.

The Chapter 11 filing in U.S. Bankruptcy Court in Delaware on Monday listed liabilities of more than $500 million and assets of more than $100 million, according to the filing. The court-supervised restructuring allows the business to keep operating, and thus avoid the calamitous and sometimes tearful impact on brides that often accompanies the collapse of wedding retailers.