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Bloomberg
Jewellery maker Alex and Ani LLC, which operates dozens of stores, filed for Chapter 11 bankruptcy protection and put itself up for sale.
The company said it entered into a restructuring agreement with debt and equity holders as it works to reorganise and boost its online and wholesale businesses.
The retailer expects “little
to no disruption†in operations. Alex and Ani now has about 524 part- and full-time employees and holds 74 leases, according to court documents. About one-third of its stores are still closed due to the pandemic.
Alex and Ani’s filing in Delaware listed assets and liabilities of $100 million to $500 million each.
Mall owners Simon Property Group and Brookfield Property Partners LP are among its largest unsecured creditors; each are owed more than
$3 million in rent payments. Filing Chapter 11 gives a company relief from its obligations so it can continue to operate while it restructures.
Carolyn Rafaelian founded Alex and Ani in 2004 and opened the first store in
Newport, Rhode Island, five years later.