(RNN) – David’s Bridal is filing for bankruptcy.
The discount bridal chain said Thursday it would declare Chapter 11, which will allow it to reorganize its debts and stay in business.
The bankruptcy is part of a deal David’s Bridal has reached with its lenders that will reduce its debt by more than $400 million, CNBC reported.
“We have announced a plan to financially restructure David’s Bridal,” company CEO Scott Key said in a statement. “This agreement allows us to guarantee no change in the service level our customers expect from us.”
The statement is an attempt to reassure brides that their wedding gowns are safe and will be there when they need them.
“Our 300+ stores will continue operating, and all orders and alterations will be delivered as promised,” Key said. “We are, and will continue to be, open for business.”