Popular bridal dress company David's Bridal is filing for bankruptcy.

According to KXXV, the company announced Thursday it would declare Chapter 11 bankruptcy, which means they won't need to close their stores.

"We have announced a plan to financially restructure David’s Bridal,” company CEO Scott Key. "This agreement allows us to guarantee no change in the service level our customers expect from us."

The bankruptcy is part of a deal the company has reached with its lenders. Reports say it will reduce David's Bridal's debut by more than $400 million.