It’s official.

After 10 days of speculation that David’s Bridal LLC, the one sizable U.S. bridal retail chain, was nearing bankruptcy, the corporate has done so in the U.S. Bankruptcy Court for the District of Latest Jersey. The 70-year-old business expects to file a recognition proceeding in Canada, as well, and one among its subsidiaries is planning to start out administration proceedings for its business within the U.K.

With 300 stores – mostly within the U.S. — the news may concern hundreds of brides, bridesmaids and prom-goers with existing orders or plans for David’s Bridal purchases. The corporate said its stores will remain open, and it “intends to proceed operating within the strange course, including by fulfilling all customer orders without disruption or delay.”

Nevertheless, staffing and customer support – a key ingredient within the bridal market – might be a problem. On Friday, David’s Bridal announced that it’s shedding 9,236 employees, the majority of its workforce, in the subsequent few months.

The 70-year-old Conshohocken, Pennsylvania-based company wouldn’t disclose what number of total employees it has. The 9,000-plus impacted employees were said to have received warning letters that their jobs were subject to termination, and job cuts at David’s Bridal corporate office were believed to have been made, in line with one longtime bridal industry executive.

A request to David’s Bridal Monday morning in search of further comment was not immediately returned.

The retailer, which has Oaktree Capital Management as a number one shareholder, has seen its market share shrink. Under the leadership of former president and chief executive officer Robert Huth, David’s Bridal had 319 stores and sales exceeding $760 million. In the autumn of 2012, David’s Bridal was purchased by the private equity firm Clayton, Dubilier & Rice for $1.05 billion. At the moment, the retail chain had a few 36 percent share of the bridal market in comparison with its estimated 18 percent today, one industry source said.

David’s Bridal is reportedly working with the investment bank Houlihan Lokey. Vp of communications John Gallagher declined comment Monday.

The retailer’s online platforms, including its Pearl platform and vendor marketplace, will remain up-and-running for brides working on their wedding planning. Further, members of Diamond, the corporate’s industry-leading loyalty program, can proceed to derive value by earning and redeeming rewards, and the corporate intends to proceed honoring gift cards, returns and exchanges right now. To uphold its commitments to customers, employees, and partners, the corporate is in search of customary “first day” relief from the court, including authorization to proceed payment of worker wages and advantages, maintain certain customer programs, and honor obligations to critical vendors.

In a WARN notice filed in its home state of Pennsylvania, David’s Bridal, a 300-unit retailer, highlighted a three-phase plan with the primary round of layoffs starting today. The second round will run from May 13 through May 27, and the third phase is planned to get underway on June 12 and run through Aug. 11. In Pennsylvania, 15 stores can be impacted.

Prior to Monday’s filing, David’s Bridal initiated an evaluation of potential strategic alternatives, including a marketing and sale process for its assets. The corporate said that as a result of its liquidity constraints, it was unable to finalize its marketing and sale process out of court, but it can proceed to explore a sale throughout the bankruptcy process. David’s Bridal said it has been strategically managing inventory and evaluating its store count “to maximise value and the prospect of a successful going concern transaction.”

James Marcum, chief executive officer of David’s Bridal, said, “During the last several years, we now have taken meaningful strides in our transformation to meet the needs of the brides of today and tomorrow. Now we have successfully modernized our marketing and customer interaction processes and driven our retail service levels to best at school. Nonetheless, our business continues to be challenged by the post-COVID[-19] environment and unsure economic conditions, leading us to take this step to discover a buyer who can proceed to operate our business going forward. We’re determined to remain focused on our future, because we imagine we now have a very important role in ensuring that each bride, regardless of her budget, can have her perfect dress.”

“We’re grateful to the seven many years of brides and customers who’ve trusted us with probably the most special events of their lives, in addition to to the dedicated associates and valued partners who make our customers’ dreams come true. We remain as committed as ever to providing excellent service, delivering for our brides and customers, and being a part of magical moments.”