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.
