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Online retailers, offering more options at lower prices, are hurting traditional wedding retailers, including industry giant David Bridal.
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David's Bridal fights with debt and digital competition.(Photo: Getty Images)

David's Bridal, the country's largest wedding retailer, asked Monday for bankruptcy protection under Chapter 11, with the goal of staying in business.

The company is struggling with hundreds of millions of dollars in debt resulting from a private equity buyback several years ago and is facing a surge in digital competition.

David's Bridal assured clients that his bankruptcy would not disrupt their marriages – in part because he would have secured support from key lenders to stay alive. It plans to continue operating more than 300 stores and its website.

"Orders will arrive at the time and appointments for the bride will not be affected," said the retailer.

Another wedding retailer, Alfred Angelo, left the spouses in jeopardy in 2017 in case of sudden liquidation.

David's Bridal stated that he would not suffer the same fate.

"For more than 60 years, David has been delivering beautiful high quality dresses and accessories for the most special occasions of our clients, and the actions we are taking will build on that tradition," said Scott Key. CEO of David's Bridal, in a statement. "Our team is laser-driven to provide brides and their families with the five-star service and experience they deserve and expect from us."

UNITED STATES TODAY & # 39; HUI reported in October that David's Bridal was on the verge of bankruptcy after missing a key payment of his debt.

More: Buying wedding dresses online: More and more brides are leaving physical stores at the altar

More: David's Bridal flirts with bankruptcy after avoiding payment of his debt

The company is struggling with lower spending on wedding dresses, more and more brides opting for alternatives, including cheaper online solutions, and couples waiting longer to get married.

The average price paid for a wedding dress dropped 3.5% to 1,509 USD in 2017, according to TheKnot.

The retailer categorized what the restructuring experts described as "pre-packaged bankruptcy", which usually means that the reorganization process is negotiated in advance with the creditors who stipulate that the debtor will enter Chapter 11.

With the support of some fixed-income lenders, David's Bridal said he hoped to end his bankruptcy in early January and come out with $ 400 million in debt less.

David's Bridal still sells about one in three American wedding dresses with an estimated annual retail turnover of $ 791 million, according to market research firm IBISWorld.

The company also sells other dress and wedding items.

The tendency of Americans to wait longer to get married, or not to do everything, hurt David's Bridal. The number of new marriages per 1,000 Americans was 6.9 in 2016, compared to 8.2 in 2000, which represents a decline of about 16% in the marriage rate, according to the US government.

Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey.

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