The steep decline in marriages among millennials in the United States has had a direct impact on sales of the biggest bridal gown retailer in the world.
David’s Bridal filed for Chapter 11 bankruptcy on Monday, according to published reports.
The company operates more than 300 stores in 45 states, Canada, the United Kingdom, and Puerto Rico.
David’s filed for protection from its creditors with the goal of emerging from bankruptcy in mid-January.
The bankruptcy came as a shock to customers who have large deposits on hold for bridal gowns and other wedding accessories for their upcoming wedding ceremonies.
A statement issued on Monday assured brides with gowns already on order that their orders are safe.
“We are, and will continue to be open for business, and we hope to see you soon,” Chief Executive Officer Scott Key said in a video on the retailer’s website.
As of Oct. 31, David Bridal’s held about $32 million in deposits for 82,000 special orders and owed customers nearly $4 million in merchandise or cash, according to court records obtained by The Chicago Tribune.
A recent study shows marriages are in rapid decline over the past decade in the U.S., particularly among millennials younger than 45 years of age.
The divorce rate is also in steep decline — probably because less couples are marrying.
In one state alone there were 5,100 marriages — a drop of 18% since 2008, according to published reports. 72 of those marriages were same-sex couples.
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