David’s Bridal closing down sale: Announcement comes after business last recorded annual profit 5 years ago
UK retailer David’s Bridal collapsed into administration and announces closing down sale, hours after its American Owner filed for bankruptcy
A popular bridal shop has announced a closing down sale after going into administration. David’s Bridal, which has stores in London, Watford, Birmingham and Glasgow, said all stock must go in the sale.
David’s Bridal posted on its official Facebook page informing followers of the opportunity to grab a bargain. The statement reads: “Closing Down Sale Now On! Everything at least 40% off! Hurry! Everything Must Go!”
The UK wedding dress retailer collapsed into administration mere hours after its American owner filed for bankruptcy. The appointed joint administrators are Andy Pear and Milan Vuceljic of Moorfields Advisory.
The retailer last recorded an annual profit in 2018 having launched in the UK just five years earlier.It opened a flagship store on Temple Row in Birmingham City Centre in November 2016. Along with the West Midlands, the wedding experts also have three more branches spread around the UK, found at Westfield Stratford City in London, Waterfields Retail Park in Watford and Braehead Shopping Center in Glasgow.
Pear said: “Like many retailers David’s Bridal has faced challenges resulting from the COVID-19 pandemic and uncertain economic conditions. We are working with our US counterparties to help deliver all current orders to customers and customers should contact their store with any questions.”
The retailer filed for Chapter 11 protection in New Jersey on Monday and launched a similar process in Canada. This was just days after the US business announced 9,000 job cuts out of 11,000.
At the time, David’s Bridal said it would continue to explore a sale of “all or some of its assets”. The brand has struggled for several years despite being a $1.3bn-turnover business.
The chief executive of the American parent company, James Marcum, said the business has taken meaningful steps to fulfil the needs of its customers. However, the retailer continued to be challenged post-Covid, which led to them trying to identify a buyer who could continue to operate the business going forward.
Following this, the UK company warned of a “material uncertainty” to continue its 2021 accounts. The most recent published accounts for the UK business in 2021 showed a £170,000 loss on revenues of £4.3million.
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