David’s Bridal Inc. reached a debt deal that would head off a second trip to bankruptcy court.
David’s Bridal Inc. reached a debt deal that would head off a second trip to bankruptcy court, according to people with knowledge of the matter.including Oaktree Capital Group, said the people, who asked not to be identified because the talks are private. Certain stakeholders signed an agreement that reworks about $280 million of debt and injects $55 million of new money to keep David’s Bridal in business, the people said. That would leave about $75 million of debt outstanding.
“A move like this eliminates a ton of question marks and gives us the ability to focus on the future,” Chief Executive Officer James Marcum said in an interview. The company sells about 25% of all bridal dresses in the U.S., Marcum said, and about 92% of those brides choose to shop in a brick-and-mortar store.a year ago spooked brides-to-be into avoiding David’s stores, despite extensive efforts by management to reassure customers and speed the company through the Chapter 11 court process.
David’s operates about 300 stores across the U.S., Canada, U.K., and franchise locations in Mexico, according to its . The company kept almost all of its stores open through its bankruptcy proceeding. The renewed struggles come while the 69-year-old retailer faces stiff competition and rising costs from the U.S trade dispute with China.
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