David's Bridal, one of largest sellers of wedding gowns in the United States, is laying off thousands of workers nationwide, according to a notice filed to the Pennsylvania Department of Labor.
The notice said the retailer is eliminating 9,236 positions across the United States. In Pennsylvania, the layoffs are set to begin on April 14 and end on August 11 and will affect 15 stores in nine counties in the state. The Worker Adjustment and Retraining Notifications did not specify when the layoffs would begin or how many stores would be affected in other states.Wall Street Journal.
"The scale of these layoffs suggest that David's Bridal is in crisis mode," said Neil Saunders, managing director at GlobalData Retail. "It indicates there is massive restructuring going on behind these scenes with a view to conserve cash as the company prepares for either bankruptcy or a sale.""The business in its current form isn't working and the hope will be that a smaller entity will be more financially viable," he said.
David's Bridal filed for bankruptcy in 2018 after being laden with growing debt and declining sales of wedding dresses. It emerged from bankruptcy in 2019 as it continued to try to fix the business.
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David's Bridal laying off over 9K workers nationwideDavid's Bridal, one of largest sellers of wedding gowns in the United States, is laying off thousands of workers nationwide, according to a notice filed to the Pennsylvania Department of Labor.
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