David’s Bridal (Conshohocken, Pa.) has been sold to CION Investment Corp. (New York), a move that will allow the chain to keep most of its stores and employees, Women’s Wear Daily reports. The no-cash transaction was approved July 14 in a Trenton, N.J., court hearing overseen by U.S. Bankruptcy Judge Christine Gravelle.
After experiencing a falloff in business during the pandemic, David’s Bridal began shopping for a buyer in February and filed for bankruptcy in April – its second trip into Chapter 11 in five years. The alliance with CION will enable David’s Bridal to keep 195 stores open and between 7000 to 10,000 employees on the payroll, WWD reports. The sale also reportedly decreased the chain’s debt from $256.9 million to roughly $50 million.
