Conshohocken-based David’s Bridal has a potential buyer, just three months after it filed for bankruptcy protection, writes Emma Dooling for the Philadelphia Business Journal. New York-based CION Investment Corp. submitted a bid to acquire a portion of David’s Bridal’s assets.
The wedding retailer will seek the bid’s approval at a hearing on July 14. According to a statement, the 195-store chain said that while things are still uncertain, this could be a good outcome if the bid is approved.
The price of the bid has not been disclosed in documents; however, the New York-based firm currently holds $10.7 million worth of investments in the company. If the bid is approved, David’s Bridal says that about 7,000 jobs could be saved.
In mid-April, David’s Bridal filed for Chapter 11 bankruptcy protection due to economic challenges from the pandemic. It had originally planned to lay off more than 9,000 employees.
Read more about the Conshohocken-based retailer’s potential saving grace in the Philadelphia Business Journal.
More about David’s Bridal’s bankruptcy.
