Another Hudson Valley Retailer Files For Bankruptcy
In the era of online shopping, another major retailer in the Hudson Valley has filed for bankruptcy.
According to USA Today, David's Bridal has filed for Chapter 11 bankruptcy. On Monday, November 19, 2018, the wedding dress and gown retailer officially filed for bankruptcy. David's Bridal is drowning in debt from a private equity buyout years ago, hundreds of millions to be more specific.
USA Today reports brides shouldn't panic just yet. David's Bridal has apparently secured funding and support from lenders to keep operating 300 stores. David's Bridal sells roughly 1 in 3 wedding dresses in the U.S.
Chapter 11 bankruptcy typically means it is a "prepackaged bankruptcy", according to USA Today. This means negotiations were done before filing and terms have already been set with creditors.
David's Bridal has two Hudson Valley locations: one in Middletown and one in Yonkers.