David's Bridal to filie for bankruptcy reorganization

David's Bridal has announced it will file for bankruptcy reorganization soon, according to various national media outlets.

CNBC said the wedding gown retailer, which operates more than 300 stores nationwide, is joining other retailers filing for the protection with the growth of e-commerce.

Lenders have agreed to inject $40 million into David’s Bridal to help the retailer stay in business during proceedings, and all of its stores will remain open.

A statement issued by the company's CEO, Scott Key, said, “David’s Bridal has been the leader in the wedding industry for over 60 years. During that time, we’ve seen a lot of things change: fashion trends, where brides find inspiration and how customers shop. But one thing will always remain the same: our commitment to you, our customer. To underscore this commitment, we have announced a plan to financially restructure David’s Bridal. This agreement allows us to guarantee no change in the service level our customers expect from us.”

Wedding orders and dress alterations will be processed normally, CNBC said.