Bankrupt wedding gown retailer David's Bridal received court approval on Friday to sell its business to asset manager Cion Investment Corp in a no-cash transaction, reaching a deal to keep 195 stores open and avoid a total shutdown.
U.S. Bankruptcy Judge Christine Gravelle approved the sale at a court hearing in Trenton, New Jersey, saying that the company's employees, landlords and creditors would be better off under new ownership than they would in a full liquidation.David's Bridal said that its primary goal in bankruptcy was to find a buyer that could preserve its business.
The other bidders offered to buy David's Bridal's brand name and intellectual property without acquiring its stores or inventory, and neither offered more than $250,000 in cash, Gupta testified. The Cion sale would allow David's Bridal to continue as a scaled-down business, preserving about two-third of the company's stores and allowing 7,000 of the company's 10,000 employees to keep their jobs, Gupta said. The bankruptcy sale also reduced the company's overall debt to about $50 million from its previous level of $256.9 million.
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