On July 17, a New Jersey bankruptcy court approved the sale of David’s Bridal to CION Investment Corp.
The sale means that the bridal retailer—which had said it was prepared to liquidate if it couldn’t find a buyer—will remain open.
According to Reuters, the new David’s will have 195 stores, down from 294 when the chain filed for Chapter 11 in April. Approximately 7,000 of its 10,000 employees will keep their jobs, the report said.
Two other buyers submitted offers to purchase David’s intellectual property and name, but neither wanted its stores or inventory, the Reuters report said.
This was David’s Bridal’s second trip through bankruptcy court; it had a prepackaged bankruptcy in 2018.
Top: David’s Bridal’s bridesmaids collection. (Photo courtesy of David’s Bridal)
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