Bankruptcy next? Popular bridal retail chain misses debt payment

Credit: DaytonDailyNews

Caption
Bridal Retailer Alfred Angelo's Corporate Office Empties Amid Closure Talk

Credit: DaytonDailyNews

David’s Bridal could be the next chain retailer to file for bankruptcy.

David’s Bridal missed an interest payment on $270 million in unsecured notes, according to a news release from S&P Global emailed to Retail Dive. The missed payment sets into motion a 30-day grace period with debtholders before the retailer is in default.

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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., including one location near the Dayton Mall.

When the stores closed, David’s Bridal is offering 30 percent discounts to brides who are left without dresses.

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