David’s Bridal Bankrupt! Will Rochester Store Close?
Loaded with up to $1 Billion in debt, David's Bridal filed for Chapter 11 Bankruptcy, working out a deal with their creditors that'll save 'em $400 Million. They have three hundred stores across the nation. Will the Rochester store close...and what about your dress?
First, the CEO says there will be no closings while the bankruptcy process is going on (they figure it should be wrapped up early in 2019). They also say your dress order and any appointments are all good.
Why is this happening? Some people are blaming millennials, saying they just don't care about getting married. CNN says in 2012, a private equity firm bought David's Bridal for more than $1 billion, which forced them to take on a LOT of debt, drained their talent, and made it harder to react quickly to changes.
I reached out to Holly Mestad, from locally owned Mestad's Bridal and Formal Wear and asked how Mestad's is doing and has the often attacked millennials hurt the business,
Weddings and shopping patterns have changed due to the plethora of bridal stores and on-line options. However, independently owned bridal stores have always had the advantage of personalized service and close working relationships with the designers and being able to be a part of the community.
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