Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

David's Bridal files for bankruptcy - David's Bridal is filing for bankruptcy protection but there is no danger for customers who have ordered dresses because operations continuing as normal while the wedding and prom retailer restructures.

The bankruptcy filing, the private company said Monday, will wipe out more than $400 million in long-term debt.

It has commitments for $60 million in new debtor-in-possession financing and expects to exit Chapter 11 in early January.

The 300-plus stores run by the Conshohocken, Pa., company -- including three in the St. Louis area -- will continue to operate and online sales will continue unimpeded.

David's Bridal has struggled to keep up with seismic shifts in the bridal industry: A boom of online bridal retailers, a trend toward couples marrying later and consumers spending less on weddings. Similar struggles caused its cohort, Alfred Angelo, to close 10 stores without warning in July 2017 and file for bankruptcy.

U.S. homebuilder sentiment drops - Confidence among U.S. homebuilders plummeted by the most since 2014 as the highest borrowing costs in eight years restrain demand, adding to signs of a cooling housing market that will weigh on the Federal Reserve's debate over how far to raise interest rates.

The National Association of Home Builders/Wells Fargo Housing Market Index dropped eight points in November to 60, the lowest level since August 2016, according to a report Monday. That compared with the median estimate of economists for a one-point drop to 67.

The homebuilder index represents one of the first breaks in high levels of business and consumer confidence that have persisted since Donald Trump was elected president in November 2016. While the index remains in positive territory, the group called on policy makers to take note of the housing situation as a possible warning sign about the broader economy. …

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