The national chain is expected to keep some stores open and thousands of employees working.
, bridal party attire and special occasionwear, saw sales slide due to the pandemic slowdown, the rise of online shopping, inflation concerns, increased competition and some Millennials’ and Gen Zers’ preference for upcycled dresses.
The company was said to have signed non-disclosure agreements with 62 potential buyers but only received three offers including the Cion bid, according to a Reuters report citing the court hearing testimony from David’s Bridal’s financial adviser, Surbhi Gupta. The other two bids were only for the intellectual property, according to Adore Bridal & Specialty owner Janice Yoder, who tuned into Friday’s hearing virtually and wrote about it for the National Bridal Retailers Association.
“Although there were things in the hearing that were shocking to me as an independent bridal store owner, it was clear that there was 100 percent support for this sale even from landlords that initially filed objections. It was also clear that the alternative was absolutely dire. It would have resulted in immediate closures and left employees and brides without even the ability to go through a business closing procedure,” Yoder wrote.
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