David’s Bridal files for Chapter 11 bankruptcy but will stay in business amid reorganization

David’s Bridal Inc. filed for bankruptcy with a plan to cut debt by more than US$400 million and a deal with lenders that will keep stores open during a reorganization.

The Chapter 11 filing in U.S. Bankruptcy Court in Delaware on Monday listed liabilities of more than US$500 million and assets of more than US$100 million. The court-supervised restructuring allows the business to keep operating, and thus avoid the calamitous and sometimes tearful impact on brides that often accompanies the...

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