Popular wedding gown retailer David’s Bridal reportedly received a tentative going concern bid that would keep nearly 195 stores open and save about 7,000 jobs.

During a June 27 hearing in U.S. Bankruptcy Court for the District of New Jersey, lawyers for the Conshohocken, Pa.-based formalwear chain said advanced discussions are underway with an interested buyer, but did not disclose the price or specific terms of any offers, Bloomberg reported.

In a follow-up statement to media, David’s Bridal noted that while the talks are “a very positive development,” the negotiations “remain ongoing as we work to resolve certain outstanding items before the party will be in a position to submit a formal bid.”

After extending the deadline for bids to July 3, the court set a new sale hearing for July 14, according to Bloomberg.

In April, David’s Bridal sought voluntary bankruptcy protection for the second time in five years and entered proceedings with more than 300 stores.

Despite being the largest seller of wedding gowns in the U.S., the 73-year-old company filed for bankruptcy in 2018 amid growing debt and declining sales. A year later, it emerged with a new, lower-price strategy for best-selling items and an expanded online catalog.

In seeking Chapter 11 relief in April, the chain said shifting consumer preference, the post-pandemic environment and uncertain economic conditions prompted it to search for “a buyer who can continue to operate our business going forward.”

Despite the bankruptcy and layoffs of more than 9,000 of its 11,000 workers around the country, David’s Bridal has continued to reassure customers that all orders will be fulfilled without delay or disruption.

The retailer’s eight New Jersey shops – in Deptford, East Brunswick, Freehold, Paramus, Mays Landing, Maple Shade, Totowa and Watchung – are among the nearly 300 leases set to hit the auction block this summer as part of an effort to shrink the company’s brick-and-mortar footprint.

According to a notice filed with the New Jersey Department of Labor &Workforce Development, David’s Bridal reported that 227 employees will be let go, effective Aug. 26, across “multiple locations.”

A spokesperson for David’s Bridal did not immediately respond to a request for comment.