(Bloomberg) -- It’s unlikely David’s Bridal LLC will survive bankruptcy as a going concern, a lawyer representing creditors of the nation’s largest bridal retailer said Wednesday.

The company’s bankruptcy is “very, very bleak,” because of a variety of challenges, including changing cultural norms and values, said Bradford Sandler, a lawyer speaking on behalf of a committee of the retailer’s unsecured creditors.

It’s possible David’s lenders won’t be repaid in full, Sandler said, raising questions about how much junior creditors may recover. The retailer owes lenders about $257 million, according to an April court filing. 

“The situation is so bleak, that frankly, we don’t really know where value breaks here,” Sandler said. “It really seems unlikely to the committee that David’s Bridal will continue as a going concern, certainly not in a traditional bricks and mortar format.”

The creditors’ committee was appointed after David’s Bridal filed bankruptcy in April. It includes one of the retailer’s major landlords, Brookfield Properties Retail Inc., and a few trade vendors, according to a court filing. 

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The retailer’s CEO Jim Marcum told Bloomberg in late April that even if the company succeeds in finding a buyer, it will likely emerge from the Chapter 11 process with fewer stores. It entered bankruptcy with nearly 300 store locations.

While there is continued interest from possible bidders for a potential going concern sales for a subset of stores, David’s Bridal doesn’t want “to give any false sense of hope,” said Rachael Bentley, a lawyer representing the company, on Wednesday.  

Other possible buyers are performing due diligence on David’s intellectual property and digital assets, and the company seeks to present sale transactions for bankruptcy court approval at a June 12 hearing, she said.

“We’re not foreclosing on any options and we are going to run-to-ground anything we can do in the next week,” Bentley said.

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