April 16 (UPI) — The wedding-wear retail giant David’s Bridal will lay off more than 9,000 workers nationwide, the company has announced.
The company filed a WARN notice with the Pennsylvania Department of Labor which shows that 9,236 positions would be eliminated across the country beginning Friday and continuing through August.
David’s Bridal is based in Conshohocken, Penn., and has 15 stores across the state and around 12,000 employees nationwide.
A cut of 9,236 would signify a workforce reduction of more than 75% but the company told CNN Business that all of its stores currently remain open.
David’s Bridal, founded in Fort Lauderdale in 1950, was valued as much as $1 billion in October 2012 after its acquisition by Clayton, Dubilier & Rice.
However, the company has suffered in recent years and filed for Chapter 11 bankruptcy in November 2018. The company emerged from bankruptcy the following year — just before the COVID-19 pandemic stifled public gatherings, such as weddings.
“After David’s Bridal emerged from its first bankruptcy in 2019, CD&R no longer had an ownership stake in David’s Bridal,” an anonymous source familiar with the matter told UPI.
David’s Bridal is again facing bankruptcy for the second time in five years, The New York Times reported earlier this month.
The company has also reportedly been working with the investment bank Houlihan Lokey for a possible sale.
