David’s Bridal has received a tentative bid in bankruptcy that would keep more than 190 stores open.
David’s Bridal has received a tentative going-concern bid that would keep more than 190 stores open, spurring optimism that the wedding dress retailer might be able to survive bankruptcy.
The deal would also keep more than 7,000 jobs by staving off mass store closures, lawyers for the company said in a bankruptcy court hearing Tuesday. The bid deadline has been extended to July 3 and a new sale hearing is scheduled for July 14. “We think the opportunity to save 7,000 jobs and over 190 stores is fantastic for the vendors and the landlords,” Brad Sandler, an attorney representing the company’s official creditor committee, said during the hearing.
Price and precise terms of the offer were not disclosed. David’s entered bankruptcy with nearly 300 stores.
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