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11/19/2018 12:22 EST | Updated 11/19/2018 12:23 EST

David's Bridal Has Filed For Bankruptcy, But Says Stores Won't Be Affected

The wedding dress giant is assuring brides their gowns aren't going anywhere.

David's Bridal has filed for bankruptcy — but the company is assuring brides that their dresses will be safe.

The largest wedding retailer in the U.S. announced Monday that it has filed for Chapter 11 bankruptcy, a form of protection that allows the company to restructure without interrupting their day-to-day operations.

In a statement on the company's website, CEO Scott Key says there will be "no change" in the way the stores operate. "Our 300+ stores will continue operating, and all orders and alterations will be delivered as promised," Key says. "We are, and will continue to be, open for business."

Canadian customers have no reason to be worried, the company told HuffPost Canada. "Orders will be processed as usual, appointments will continue and stores will remain open," a company representative said in an email.

In fact, David's Bridal is opening a new Canadian store in Vaughan, Ont. in December. There are 11 other locations across Canada, including stores in the GTA, Ottawa, Halifax, Winnipeg and Calgary.

The company told Bloomberg News that their "financial outlook is strong" and that they "have ample liquidity to meet our key business objectives today and in the future." But last month, when several business news outlets suggested bankruptcy might be in David's Bridal's future after they missed a debt payment, the company similarly downplayed the situation.

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In both Canada and the U.S., marriage rates are declining. And among people who do get married, many opt for less expensive dresses, often from online retailers like Reformation or ModCloth. A 2017 survey by online retailer Lyst found that the average cost of a wedding dress had actually decreased from the previous year.

Last July, of David Bridal's main competitors, the wedding dress retailer Alfred Angelo closed and filed for bankruptcy, which CBS says left hundreds of brides dress-less — including many who had already paid. At the time, David's Bridal offered 30 per cent discounts on wedding dresses to brides who presented Alfred Angelo receipts, and brides across North America lent their dresses to other people in need.

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