История свадебной сети David's Bridal: банкротства и перепродажи

Bridal retailer

David's Bridal is a clothier in the United States that specializes in wedding dresses, bridesmaid dresses, prom and homecoming dresses, quinceañera dresses, flower girl dresses, other formal wear, and alterations. It is the largest American bridal store chain and sells 25 30% of all wedding dresses purchased in the United States. In January 2023, David's Bridal launched a wedding planning app called Pearl. On July 24, 2023, CION Investment Corp. took control of David's Bridal after investing 20 million dollars. With a revolving line of credit and a term loan offered by Bank of America, it was announced that the chain would have 195 stores and 7,000 employees.

Until filing for bankruptcy in 2023, David's Bridal operated 298 stores in 49 states, Canada, and the United Kingdom. Since 2000, the chain of stores has been sold numerous times and has gone through two bankruptcy filings within a five year period. It was acquired by May Department Stores in 2000, which was, in turn, bought by Federated Department Stores (the parent company of department store giant Macy's) in 2005. On November 17, 2006, the company was purchased by Leonard Green & Partners, on the same day that Federated also divested itself of After Hours Formalwear. On October 11, 2012, Clayton, Dubilier & Rice announced the completion of its acquisition of David's Bridal, Inc. After OCM led a group of lenders that took over its administration after the first bankruptcy filing in 2018, CION became the owner of the bridal store chain when making the same filing in 2023.

David's Bridal started in 1950 as a small bridal boutique in Fort Lauderdale, Florida. In 1972, Floridian Phillip Youtie purchased the salon with intentions to open new locations. Between that time and 1988, Youtie successfully grew his investment from a single store to 18 boutiques. Many of these boutiques were leased bridal stores that were in department stores under David's Bridal name. Steven Erlbaum, a late childhood friend of Youtie, eventually joined forces with Youtie to help bring David's Bridal to all 50 states. Erlbaum, having preexisting experience from creating the Philadelphia based store chain Mr. Good Buys (now defunct), was able to give knowledge to Youtie. Erlbaum and Youtie eventually incorporated the company, structuring it for the national market. A warehouse was built in Hallandale Beach, Florida—near Fort Lauderdale. The corporate headquarters are in Conshohocken, Pennsylvania. On October 11, CD&R announced the completion of its acquisition of David's Bridal, Inc. in a deal that valued the company at $1.05 billion. In August 2016, David's announced the former president and CEO of the Gap Inc., Paul Pressler as chief executive officer. In May 2018, Scott Key was named chief executive officer. On November 19, 2018, David's filed for Chapter 11 bankruptcy. After emerging from bankruptcy in January 2019, the retailer is now managed by a group of lenders including Oaktree Capital Group and Tom Lynch, former chief executive at Frederick's of Hollywood, succeeded Key as the interim CEO in March it also announced the former interim chief revenue officer and CFO at National Stores, Curt Kroll, would take the role of CFO. On June 24, 2019, David's appointed James A. Marcum as the chief executive officer, replacing Lynch who had been the interim CEO.

David's Bridal filed for bankruptcy in November 2018, emerging two months later under ownership of a group of lenders including Oaktree Capital Management (OCM). On April 7, 2023, it was announced that David's was considering bankruptcy for the second time in five years. A week later, on April 14, the company announced it would lay off 9,000, or 82%, of its employees from its stores, corporate headquarters, and distribution centers. On April 17, 2023, David's Bridal filed for Chapter 11 bankruptcy again, citing challenges brought on by the COVID 19 pandemic and uncertain economic conditions, and could close all of its stores and liquidate if a buyer is not found within the next few weeks. It has now announced to employees that they will be closing half of the stores the other half of the stores that remain open are the strongest of all the stores. On July 14, 2023 Oaktree Capital Management announced it would sell Davids's Bridal to CION Investment Corporation. Ten days later, CION made an investment and became the new owner of the retailer.

When David’s Bridal entered bankruptcy in 2019, the customer service experience was a barrier to growth. In store pricing didn't match the prices from online sales, and returns couldn’t be made in store. “We were doing all these crazy things, like one day flash sales online that we didn’t offer in the store. And the bride’s standing there with her phone,” said CEO Jim Marcum. Since emerging from Chapter 11 bankruptcy, the brand has focused on improving its omnichannel customer experience and launched Pearl, an app based wedding planning vendor marketplace.