Less than three months after David's Bridal filed for chapter 11 bankruptcy protection, the potential buyer of the beleaguered retailer has been revealed, the Philadelphia Business Journal reported. Court documents show New York investment and business development company CION Investment Corp. has submitted a going-concern bid to acquire a portion of the Conshohocken-based wedding dress retailer's assets. "While we still have much work to do in order to proceed with seeking approval, and as nothing is certain, this could potentially be a great outcome for David’s Bridal. This bid, if approved, would provide new money to support a go-forward David’s Bridal with up to 195 stores," David's Bridal said in a statement to the Business Journal. The retailer has more than 300 stores in the U.S., Canada and the United Kingdom, with additional franchise locations in Mexico. It is currently owned by a group of lenders including Los Angeles-based Oaktree Capital Group.
