David's Bridal in 'advanced discussions' with interested buyer to keep nearly 200 stores open
The company says the potential bid would save about 7,000 jobs and keep about 195 stores open.
PHILADELPHIA (WPVI) -- A potential lifeline could keep one of the largest sellers of wedding gowns in the country in business.
David's Bridal, which is based in Conshohocken, Pennsylvania, filed for bankruptcy in April.
The retailer employs more than 11,000 workers.
SEE ALSO: David's Bridal CEO talks exclusively with Action News after company files for Chapter 11
On Tuesday night, the company told 6abc Philadelphia it is in "advanced discussions" with an interested bidder for certain of its assets.
David's Bridal says the potential bid would save about 7,000 jobs and keep nearly 195 stores open.
A hearing is scheduled for next month.
The company previously 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.
Read the full statement released by David's Bridal Tuesday night:
"As shared in court, David's Bridal is in advanced discussions with an interested bidder for certain of our assets. This potential bid would save approximately 7,000 jobs of our hardworking dream makers across the country and result in the continuation of nearly 195 stores. While this is a very positive development, negotiations remain ongoing as we work to resolve certain outstanding items before the party will be in a position to submit a formal bid. We are committed to keeping our stakeholders updated as information becomes available."
