David's Bridal has went into administration just hours after its US owners filed for bankruptcy.
The bridal store chain, which first launched in the US, arrived in the UK back in 2013 and has flagship stores in Glasgow, Birmingham, London and Watford. Business will currently operate as normal, with Andy Pear and Milan Vuceljic of Moorfields Advisory appointed to handle the administration process, Company Rescue reports.
The wedding dress retailer employs more than 150 workers across its UK stores, Glasgow Live reports. Yesterday, the US parent arm of the company filed for bankruptcy and announced that 9,000 jobs are set to be cut, with similar action taken in Canada.
Andy 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.”
In a statement, David’s Bridal said: “David’s Bridal stores remain open, and the company intends to continue operating in the ordinary course, including by fulfilling all customer orders without disruption or delay.''
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The company added that “intends to continue exploring a sale of all or some of its assets”, saying: “Our business continues to be challenged by the post-Covid environment and uncertain economic conditions, leading us to take this step to identify a buyer who can continue to operate our business going forward.
"We are determined to stay focused on our future, because we believe we have an important role in ensuring that every bride, no matter her budget, can have her perfect dress.”
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