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On June 24, 2019, David's appointed James A. Marcum as the chief executive officer, replacing Tom Lynch who had been the interim CEO.<ref>{{Cite news|url=https://www.prnewswire.com/news-releases/davids-bridal-appoints-james-marcum-as-chief-executive-officer-300873721.html|title=David's Bridal Appoints James Marcum as Chief Executive Officer|date=2019-06-24|access-date=2019-06-25|archive-date=2019-07-06|archive-url=https://web.archive.org/web/20190706213824/https://www.prnewswire.com/news-releases/davids-bridal-appoints-james-marcum-as-chief-executive-officer-300873721.html|url-status=live}}</ref>
On June 24, 2019, David's appointed James A. Marcum as the chief executive officer, replacing Tom Lynch who had been the interim CEO.<ref>{{Cite news|url=https://www.prnewswire.com/news-releases/davids-bridal-appoints-james-marcum-as-chief-executive-officer-300873721.html|title=David's Bridal Appoints James Marcum as Chief Executive Officer|date=2019-06-24|access-date=2019-06-25|archive-date=2019-07-06|archive-url=https://web.archive.org/web/20190706213824/https://www.prnewswire.com/news-releases/davids-bridal-appoints-james-marcum-as-chief-executive-officer-300873721.html|url-status=live}}</ref>


On April 7, 2023, it was announced that David's was considering bankruptcy for the second time in five years.<ref>{{Cite web|url=https://www.nytimes.com/2023/04/07/business/dealbook/davids-bridal-bankruptcy.html|title=David's bridal is said to be considering bankruptcy, again|date=April 7, 2023|access-date=April 17, 2023|website=The New York Times|language=en|archive-date=April 17, 2023|archive-url=https://web.archive.org/web/20230417103501/https://www.nytimes.com/2023/04/07/business/dealbook/davids-bridal-bankruptcy.html|url-status=live}}</ref> A week later, on April 14, 2023, David's announced it would lay off 9,000, or 82%, of its employees from its stores, corporate headquarters, and distribution centers.<ref>{{Cite web|url=https://www.cnn.com/2023/04/14/business/davids-bridal-layoffs/index.html|title=David's Bridal is laying off over 9,000 workers|date=April 14, 2023|access-date=April 17, 2023|website=CNN|language=en|archive-date=April 16, 2023|archive-url=https://web.archive.org/web/20230416173300/https://www.cnn.com/2023/04/14/business/davids-bridal-layoffs/index.html|url-status=live}}</ref> 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.<ref name=bankrupt170423/>{{Not in source given|date=April 2023|reason=The source mentions nothing about covid or potential liquidation, only that the company is reorganizing and seeking a buyer. Given the specificity of details, the wrong citation might be used.}} David's 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.{{cn}}
On April 7, 2023, it was announced that David's was considering bankruptcy for the second time in five years.<ref>{{Cite web|url=https://www.nytimes.com/2023/04/07/business/dealbook/davids-bridal-bankruptcy.html|title=David's bridal is said to be considering bankruptcy, again|date=April 7, 2023|access-date=April 17, 2023|website=The New York Times|language=en|archive-date=April 17, 2023|archive-url=https://web.archive.org/web/20230417103501/https://www.nytimes.com/2023/04/07/business/dealbook/davids-bridal-bankruptcy.html|url-status=live}}</ref> A week later, on April 14, 2023, David's announced it would lay off 9,000, or 82%, of its employees from its stores, corporate headquarters, and distribution centers.<ref>{{Cite web|url=https://www.cnn.com/2023/04/14/business/davids-bridal-layoffs/index.html|title=David's Bridal is laying off over 9,000 workers|date=April 14, 2023|access-date=April 17, 2023|website=CNN|language=en|archive-date=April 16, 2023|archive-url=https://web.archive.org/web/20230416173300/https://www.cnn.com/2023/04/14/business/davids-bridal-layoffs/index.html|url-status=live}}</ref> 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.<ref name=bankrupt170423/>{{Not in source given|date=April 2023|reason=The source mentions nothing about covid or potential liquidation, only that the company is reorganizing and seeking a buyer. Given the specificity of details, the wrong citation might be used.}} David's 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.{{cn|date=June 2023}}


==References==
==References==

Revision as of 03:02, 16 June 2023

David's Bridal
Company typePrivate
IndustrySpecialty Retail
Founded1950; 74 years ago (1950)
Fort Lauderdale, Florida, U.S.
FateBankruptcy, could close if a buyer is not found in time
HeadquartersConshohocken, Pennsylvania, U.S.
Number of locations
298+ stores in United States, Canada, and United Kingdom.
Key people
James A. Marcum (Chief Executive Officer)
Anthony Troy (Chief Information Officer)
Kelly Cook (Chief Marketing Officer)
Bob Walker (Chief Field Operations & Store Experience Officer)
Nevin Shetty (Chief Partnership Officer)
Lizzy Ellingson (Chief Digital Experience Officer)
ProductsWedding Gowns, Bridesmaids Dresses, Social Occasion Dresses, Guest of a Wedding Dresses, Prom & Homecoming Gowns, Accessories (Jewelry, Handbags, Shoes, Veils, Headpieces), Gifts
OwnerOaktree Capital Management
Number of employees
12,000
Websitewww.davidsbridal.com

David's Bridal is a clothier in the United States that specializes in wedding dresses, prom gowns, and other formal wear. It is the largest American bridal-store chain.[1]

David's Bridal currently operates 298 stores in 49 states, Canada, and the United Kingdom. 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, David's Bridal 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.[2]

David's Bridal filed for bankruptcy in November 2018, emerging two months later under ownership of a group of lenders including Oaktree Capital Group.[3] It filed for bankruptcy a second time in April 2023, a few days after notifying regulators that up to 9,000 employees could be laid off.[4]

History

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.[1]

Stores at this time stocked only sample gowns in a standard size. Youtie and Erlbaum changed the store model in the late 1980s with this warehouse off Interstate 95 where they stocked designer gowns, discontinued dress and manufacturer overruns at below retail prices. This chain of bridal stores was like none of its kind. David's Bridal was all about making a no-frills shopping environment for those who need an expensive wedding dress for a fraction of the price. Stores were not comfortable, but more plain and warehouse-like. Although there was little to no comfort in the stores, brides-to-be could expect a bargain. Years later, as the business grew even larger and larger, small stores were starting to go out of business while more David's Bridal stores were being put into the business. Between 1994 and 1995, 12 stores were added to the bridal corporation. In 1999, DABR went public with over $104 million in assets and selling 8 million shares. In 2000, the May Department Stores Company bought David's Bridal from Youtie and Erlbaum for $436  million.[1] By this time, David's Bridal was the largest retailer of bridal gowns and wedding-related merchandise. On November 17, 2006, David's Bridal was purchased by Leonard Green & Partners. David's Bridal is now the only nationwide competitor of bridal stores.[1] One in four American brides are dressed by David's Bridal.[1]

David's Bridal agreed to be acquired by the private-equity firm Clayton, Dubilier & Rice in 2012 for a price around $900 million.[5]

On October 11, 2012, Clayton, Dubilier & Rice announced the completion of its acquisition of David's Bridal, Inc. in a deal that valued the company at $1.05 billion.[6]

In August 2016, David's announced the former president and CEO of the Gap Inc., Paul Pressler as chief executive officer.[7]

In May 2018, Scott Key was named chief executive officer.[8]

On November 19, 2018, David's filed for Chapter 11 bankruptcy.[9]

In January 2019, David's Bridal emerged from bankruptcy. The retailer is now owned by a group of lenders including Oaktree Capital Group.[10]

Tom Lynch, former chief executive at Frederick's of Hollywood, succeeded Scott Key as the interim chief executive officer in March 2019. David's Bridal also announced the former interim chief revenue officer and CFO at National Stores, Inc., Curt Kroll, would take the role of Chief Financial Officer.[11]

On June 24, 2019, David's appointed James A. Marcum as the chief executive officer, replacing Tom Lynch who had been the interim CEO.[12]

On April 7, 2023, it was announced that David's was considering bankruptcy for the second time in five years.[13] A week later, on April 14, 2023, David's announced it would lay off 9,000, or 82%, of its employees from its stores, corporate headquarters, and distribution centers.[14] 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.[4][failed verification] David's 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.[citation needed]

References

  1. ^ a b c d e Mead, Rebecca (29 July 2008). One Perfect Day : The Selling of the American wedding. New York: Penguin Group. ISBN 9780143113843. Archived from the original on 28 April 2017. Retrieved 10 September 2016.
  2. ^ "Press Release" (PDF). Archived (PDF) from the original on 2021-10-16. Retrieved 2020-01-15.
  3. ^ "David's Bridal emerges from bankruptcy after less than two months LA Times, January 18, 2019". Archived from the original on April 25, 2019. Retrieved April 25, 2019.
  4. ^ a b "David's Bridal files for Chapter 11 bankruptcy as it looks for buyer". Penn Live. April 17, 2023. Archived from the original on April 17, 2023. Retrieved April 17, 2023.
  5. ^ COVERT AND KOSMAN, JAMES AND JOSH (23 August 2012). "Happily ever after: David's Bridal is sold for about $900M". The New York Post. Archived from the original on 24 August 2012. Retrieved 23 August 2012.
  6. ^ "Press Release" (PDF). Archived (PDF) from the original on 2022-12-30. Retrieved 2013-10-08.
  7. ^ Wilson, Marianne (2016-08-31). "David's Bridal CEO steps down; replaced by former Gap head". Chain Store Age. Archived from the original on 2016-12-02. Retrieved 2017-11-17.
  8. ^ Bridal, David’s. "David's Bridal Appoints Scott Key as Chief Executive Officer". www.prnewswire.com (Press release). Archived from the original on 2019-04-30. Retrieved 2019-04-29.
  9. ^ David's Bridal files for Chapter 11 bankruptcy protection, aims to stay in business Archived 2018-11-20 at the Wayback Machine USA Today, November 19, 2018
  10. ^ "David's Bridal emerges from bankruptcy after less than two months LA Times, January 18, 2019". Archived from the original on April 25, 2019. Retrieved April 25, 2019.
  11. ^ Shumsky, Tatyana (2019-03-04). "David's Bridal Names New Leadership After Emerging From Bankruptcy". Wall Street Journal. ISSN 0099-9660. Archived from the original on 2019-04-30. Retrieved 2019-04-29.
  12. ^ "David's Bridal Appoints James Marcum as Chief Executive Officer". 2019-06-24. Archived from the original on 2019-07-06. Retrieved 2019-06-25.
  13. ^ "David's bridal is said to be considering bankruptcy, again". The New York Times. April 7, 2023. Archived from the original on April 17, 2023. Retrieved April 17, 2023.
  14. ^ "David's Bridal is laying off over 9,000 workers". CNN. April 14, 2023. Archived from the original on April 16, 2023. Retrieved April 17, 2023.
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