"We are, and will continue to be, open for business," Key said in a message to customers on the David's Bridal website.
The company’s financial woes do not come as a surprise. David’s Bridal missed an interest payment on $270 million in unsecured notes in mid-October. The missed payment sets into motion a 30-day grace period with debtholders before the retailer is in default.
The retailer has struggled for the past year to reduce its debt while reporting weak operating performances. Analysts have predicted that the retailer could restructure its debt within six months.
It’s not the only bridal retailer to struggle due to industry disruption.
Bridal retailer Alfred Angelo abruptly closed its stores in 2017 without notice, leaving brides and wedding parties scrambling to pick up their dresses. The company had more than 60 stores across the U.S.