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Last updated on Monday, November 19, 2018
(UNDATED) - David’s Bridal is expected to file for Chapter 11 bankruptcy protection in the coming days, according to multiple reports.
The bankruptcy is part of an agreement the retailer has reached with a "vast majority" of its lenders that would reduce its debt by more than $400 million without interrupting operations, CBS News reported.
Final terms are still being negotiated, but David's Bridal still intends on keeping its stores open.
"We do not expect this process to materially impact our business or interfere with day-to-day operations or our relationships with customers and vendors," a spokesperson for David's Bridal said in a statement to Bloomberg on Thursday.
"For 60 years David's has delivered for our customers on time, and the agreement announced today allows us to maintain that tradition for many years to come."
The retailer was founded in 1950 and has grown to more than 300 stores in the United States, Canada, Mexico and the United Kingdom.
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