Wedding gown retailer, David’s Bridal, announced it would file for bankruptcy in the foreseeable future. The bridal company publicized this “near future” Chapter 11 move to multiple sources, including CBS News on Thursday, Nov. 15.

Additionally, the multi-national retailer agreed with a “vast majority” of its lenders to reduce its debt. All things considered, the retailer debt stands to lessen its’ debt by more than $400 million.

Operations plan to continue as usual, according to CEO Scott Key. The company-head stated:

“David’s Bridal will continue to lead our category with an unbeatable selection of beautiful, high-quality wedding and special occasion dresses in a wide range of styles, colors, sizes, and prices.”

He further contended:

“For 60 years David’s has delivered for our customers on time, and the agreement announced today allows us to maintain that tradition for many years to come.”

Despite the eventual bankruptcy filing, David’s Bridal plans on keeping its stores open. Of course, final negotiations with lenders continue to take place, but no terms are final.

Under the store’s CEO, a spokesperson for David’s Bridal also said:

“We do not expect this process to materially impact our business or interfere with day-to-day operations or our relationships with customers and vendors,” in a statement to Bloomberg on Thursday.

Established in 1950, David’s Bridal operates over 300 stores throughout North America, as well as in the UK.