David’s Bridal avoids shutdown with no-cash bankruptcy sale
July 17, 2023
Wedding gown retailer David’s Bridal has been approved by a U.S. bankruptcy judge to sell its business to asset manager Cion Investment Corp in a no-cash transaction, allowing the company to avoid a total shutdown and keep 195 stores open. The sale will also help David’s Bridal reduce its overall debt from $256.9 million to around $50 million and preserve the jobs of 7,000 out of 10,000 employees. The company, which filed for bankruptcy in April, faced decreased demand for wedding dresses and financial challenges worsened by the COVID-19 pandemic and inflation.
Recent News
US Business Travel Is Rebounding
Business travel in the United States is experiencing a robust resurgence, though it looks markedly different from its pre-pandemic form.
Krispy Kreme Announces National Doughnut Day Deals
Here’s how to get your hands on a sweet treat at Krispy Kreme for National Doughnut Day.
GameStop Shares Drop in a Sudden Reversal
On Tuesday, GameStop shares experienced a notable decline, falling as much as 7%. This drop partially reversed the remarkable 21% gains the stock saw the previous day.
Poppi Soda Sued After Claims of Consumer Fraud
The popular beverage is facing legal action.