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FINANCIAL RATIO David's Bridal flirts with possible bankruptcy after skipping debt payment 13 The nation's leading wedding retailer is flirting with the possibility of bankruptcy protection, which often involves some store closures, after skipping a key debt payment. David's Bridal, whose tight grip on the wedding business has loosened in recent years amid digital competition and declining marriage rates, failed to make a key loan payment Monday. That move served as a warning to creditors that the company is barreling toward a restructuring effort of some kind. Failing to make a debt payment is often a precursor to filing for Chapter 11 bankruptcy protection. There's a "very high likelihood" of bankruptcy or a consensual debt restructuring for David's Bridal, said Mathew Christy, an S&P Global Ratings analyst who tracks the retailer.
FINANCIAL RATIO To be sure, David's Bridal said it voluntarily skipped the payment as it continues to negotiate a potential restructuring deal with its creditors. That means it has the financial wherewithal to make the payment. The company has a 30-day grace period to pay up, though S&P said it's "highly likely" that won't happen. "Our financial outlook is strong and we have ample liquidity to meet our key business objectives today and, in the future," David's Bridal said Thursday in a statement. "With the assistance of our financial and legal advisors, we are engaged in discussions with our lenders in order to reach a mutually agreed upon resolution designed to strengthen our balance sheet so we can increase our financial flexibility and further invest in our business." David’s Bridal still sells about one in three U.S. wedding dresses through its more than 300 stores and website, with estimated annual retail revenue of $791 million, according to market research firm IBISWorld. 14
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