David’s Bridal CEO Jim Marcum says brides who said "yes" to the dress will get their wedding dresses after the bridal chain filed for bankruptcy again.
"They're gonna get every dress they've ordered, absolutely," he told Yahoo Finance Live (video above). "We will fill each and every one of them."
While the dresses may be ready for brides-to-be and their guests, the implications for the workforce at David's Bridal are a bit murkier.
Marcum acknowledged that the company did have to file a WARN notice informing more than 9,000 employees that their jobs are at risk and that they could be laid off.
This is the second time in five years that the bridal chain has filed for bankruptcy. Marcum blamed a complicated capital structure and the COVID-19 pandemic for the company's situation.
Many couples postponed their nuptials amid the pandemic, although weddings came back in force in 2022. Nearly 2.5 million couples are estimated to have said "I do" last year, according to the Wedding Report, a wedding industry trade group.
However, the way Americans approach marriage has also changed, Marcum said. The pace of marriage in the US has been on the decline since the 1980s, according to the Centers for Disease Control and Prevention.
The number of couples tying the knot is expected to slow this year, but the industry still expects to see around 2.2 million weddings in 2023.
With that backdrop, David’s Bridal is actively seeking a buyer. But it's unclear when a deal would go through and if it would be in enough time.
"With every process there are timelines so we’re working hard on this," Marcum told Yahoo Finance Live. "By the end of May, we should have total visibility as to who’s out there."
If the bridal chain doesn’t find a buyer, consumers can expect to see store closures and a liquidation of inventory. Still, Marcum is hopeful.
He said a lot of NDAs have been signed, so there are prospects at the table, and he’s hoping someone will say yes to David’s Bridal.
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April 25, 2023 at 12:56AM
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David's Bridal CEO: Brides will still get their wedding dresses amid bankruptcy filing - Yahoo Finance
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