Just days after Sears filed the largest retail bankruptcy yet, listing over $10 billion in liabilities on its Chapter 11 petition…

Since June 2015, 65 retail chains have filed for ch. 11 relief. Ten of those companies reported more than $1B in liabilities on their bankruptcy petitions. Sears’ petition is the first to report over $10 billion: pic.twitter.com/ngSmZp1Spl

— Reorg First Day (@ReorgFirstDay) October 15, 2018

… another retail icon is set to go under. According to a Tuesday press release from S&P, David’s Bridal missed an interest payment on $270 million in unsecured notes, prompting the ratings agency to downgrade the apparel retailer’s credit rating to a level indicating “selective default.”

The missed payment sets into motion a 30-day grace period with debtholders before the retailer is fully in default; this means that absent a miracle, David’s Bridal will be the next major outlet to be dragged into bankruptcy court as a result of the collapse in brick and mortar retailers, and Jeff Bezos becoming the world’s richest man.

S&P analysts agreed and said they believe David’s Bridal is “highly unlikely” to make the debt payment as the company tries to preserve its liquidity. They added that a debt restructuring “either out of court or through a court reorganization” is “likely in the near future.”

As Retail Dive observes, David’s Bridal – which last June made the Moody’s list of distressed retailers most likely to file for bankruptcy next – has been trying for the better part of a year to reduce debt obligations and build in some financial wiggle room without success. S&P downgraded the retailer several times during that period as the risk of default — either through a distressed exchange or a bankruptcy — rose.

In May, Debtwire reported that David’s Bridal – which was saddled with debt after its $1.05 billion 2012 LBO –  hired investment banking advisory firm Evercore to help with its financial options. In preceding months, creditor groups formed in anticipation of David’s Bridal making a deal with some lenders, which could include spiriting off its intellectual property or brand value to a protected entity in order to win an agreement, as J. Crew did last year.