David’s Bridal collapses into administration after US owner goes bankrupt
David’s Bridal has gone into administration hours after its American owner declared bankruptcy.
Andy Pear and Milan Vuceljic of Moorfields Advisory have been recruited to conduct the process for the wedding gown specialist.
Mr. Pear said: “Like many retailers, David’s Bridal has faced challenges resulting from the COVID-19 pandemic and uncertain economic conditions.
“We are working with our U.S. counterparties to help deliver all current orders to customers and customers should contact their store with any questions.”
The retailer’s UK operation will continue to operate normally as administrators liquidate its merchandise through its outlets.
David’s Bridal employs over 150 employees in the United Kingdom, including flagship stores in Birmingham, Glasgow, London, and Watford.
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Following the revelation that it would lay off 9,000 employees, its US parent company filed for bankruptcy on Monday. It has also initiated a similar procedure in Canada.
The bridal specialist said it will “continue exploring a sale of all or some of its assets”.
Source: Retail Gazette