Chain retailers are losing their grip on weddings as engaged couples make alternative plans for gowns and gifts.
But while the company blamed the pandemic's lingering negative impact on weddings, it also acknowledged a changing competitive landscape.David's Bridal has been "facing escalating competition from traditional online retailers and other pure-play clothing retailers, as an increasing number of brides are opting for less traditional wedding attire, including thrift wedding dresses," CEO James Marcum said in a court filing Monday.
In the same vein, "Bed Bath & Beyond’s wedding services are very functional and registry areas in some stores look more like the waiting area in a bus station," Saunders adds.Bankruptcy and weddings make for a toxic union, as evidenced by the 2017 demise of a chain called Alfred Angelo Bridal, which caused a panic when it suddenly started liquidating.
"All the brides stormed the stores," Patricia Redmond, a bankruptcy attorney who represented Alfred Angelo, tells Axios. "A lot of the brides would look into the window and they could see their dress in the back" but couldn't get to it.David's Bridal was very careful when it filed for bankruptcy to reassure customers that they'll get what they paid for.
"You would have a priority claim, but to the extent that the assets of a particular company are fully encumbered by a secured creditor priority claim, there’s not too much left over" for customers, Redmond says.
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