Nov. 19, 2018

David’s Bridal, which has a shop in Sioux Falls, announced Monday that it plans to file for bankruptcy.

The nation’s largest wedding retailer will file for Chapter 11 bankruptcy protection and keep its 300-plus stores operating during the restructuring, CEO Scott Key said in a statement on its website.

“This agreement allows us to guarantee no change in the service level that our customers expect from us,” Key said.

“We are implementing our consensual restructuring plan from a position of strength and, with the support of our lenders, noteholders and equity holders, the plan will allow us to reduce our debt significantly while continuing to run our business as usual,” he added.

The bridal store, which was founded in 1950 as a family-owned salon, was acquired by private equity firm Clayton, Dubilier & Rice in 2012 for $1.05 billion.