David’s Bridal files for bankruptcy and stays open. ‘Orders will arrive on time,’ it says

A David’s Bridal store manager looks for gowns for customers to try on in Los Angeles in 2014. David’s Bridal Inc. filed for bankruptcy with a plan to cut debt by more than $400 million and a deal with lenders that will keep stores open during a reorganization. “Orders will arrive on time and bridal appointments will not be impacted.” David’s signed a restructuring support agreement with its main stakeholders before going to court that could speed the company through bankruptcy in a matter of weeks, and it doesn’t expect major store closures or liquidations. David’s obtained commitments for $60 million in new debtor-in-possession financing from its current term loan lenders and a recommitment of its existing $125-million revolving credit facility to support the company through its restructuring, according to a news release. Customer deposits As of Oct. 31, David’s was holding $32 million in deposits for 82,000 special orders and owed customers nearly $4 million in merchandise or cash through gift cards, an online cash-reward program and store credit, according to court records.