David's Bridal Inc. has tapped Debevoise & Plimpton and Young Conaway Stargatt & Taylor to handle its Chapter 11 proceedings in Delaware bankruptcy court.

The Conshohocken, Pennsylvania-based dress retailer filed for bankruptcy Monday morning in U.S. Bankruptcy Court for the District of Delaware, with a deal to keep its stores open during restructuring. In its petition, David's listed more than $500 million in estimated liabilities and more than $100 million in estimated assets.

Debevoise has asked to act as general bankruptcy counsel, and Wilmington's Young Conaway to act as local and conflicts counsel, the company said.

According to the filing, the David's board met around 10:30 a.m. Sunday to approve the reorganization plan, which aims to reduce the company's debt by more than $400 million and enhance its long-term growth prospects.

“After months of hard work, we've reached an agreement to strengthen David's Bridal as a company, while continuing to serve our brides as we always have,” Scott Key, David's CEO, said in a video posted last week to the company's website. “This agreement will allow us to guarantee our customers won't see any change in the service level they've come to expect from David's Bridal.”

David's would continue to operate its more than 300 stores worldwide ”as normal,” and deliver all orders and alterations on time, Key said.

As part of the court-supervised process, David's said it had obtained commitments for $60 million in new debtor-in-possession financing from its current term loan lenders, including Oaktree Capital Management, and a recommitment of its existing $125 million revolving credit facility to support the Company's continued operations during the restructuring.

According to the petition, David's owes $270 million to financial institutions and creditors, which are represented by M&T Bank's Wilmington Trust Co. Major law firms were not listed as holding the largest unsecured claims against David, but the filing did show $1,350,000 owed to the Law Offices of Kyle Todd in Los Angeles, stemming from a California wage and hour class action settlement.

The filing was signed by Joan Hilson, David's executive vice president and chief financial and operating officer.

David's has enlisted Evercore Group as investment banker and KPMG as its independent auditor and accountant. AlixPartners will act as restructuring advisers, and restructuring firm Donlin, Recano & Co. will serve as administrative adviser.

The company also filed multiple “first day motions” Monday, which would allow it to pay employees and fill existing orders for dresses and alterations.

The case has been assigned to U.S. Bankruptcy Judge Laurie Selber Silverstein.