David's Bridal finds a buyer; 195 stores will stay open

David's Bridal has found a buyer after filing for bankruptcy earlier this year.  The company announced CION  Investment Corporation has purchased David's Bridal. They say 195 stores will stay open and David's will get a $20 million investment from CION.

The wedding and party dress retailed has filed for bankruptcy protection twice.

James Marcum, chief executive officer, said the company had modernized its business since emerging from its first bankruptcy in 2018. In 2022, a major boom in weddings — nearly 2.5 million were held, the most in four decades — took place across the country, but the pandemic had changed the way many people dressed for the events, which has hurt David’s Bridal.

Before the bankruptcy filing, David’s Bridal started slashing thousands of jobs. It said it planned to lay off 9,236 employees nationwide, according to a notice that the retailer filed to the Pennsylvania Department of Labor last summer.