September 19, 2021

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RI jewellery maker Alex and Ani information for Chapter 11 bankruptcy defense

Alex and Ani, the Rhode Island bangle maker that when rocketed to retail acceptance behind spirituality and appeal bracelets, has submitted for Chapter 11 personal bankruptcy security. 

The corporation, which had been mired in sales slumps, lawsuits and inner conflict, explained it will keep on to operate while operating with lenders and restructuring all through the personal bankruptcy proceedings. 

“In 2020, COVID-19 pressured the corporation to pause its vital strategic development initiatives, briefly close merchants and scale again its functions in light of lowered in-retail outlet shopper demand,” Robert Trabucco, Alex and Ani’s chief restructuring officer, mentioned in a statement. “By using the Chapter 11 course of action, we are in a position to make sure an expedited and orderly correct-sizing of our harmony sheet and functions.”

Now managed by a British personal equity company, Alex and Ani has in between $100 million and $500 million in money owed to hundreds of collectors, according to the submitting in U.S. Individual bankruptcy Courtroom in Delaware. The enterprise lists assets in a similar selection.

The bankruptcy filing Wednesday is the most current setback for Alex and Ani, which went from Cranston startup to all-conquering brand a ten years back.

Carolyn Rafaelian with her father, Ralph Rafaelian, in the factory space of Alex and Ani in December 2011.

Founded in 2004 by College of Rhode Island graduate Carolyn Rafaelian in her father’s Cinerama jewelry factory, Alex and Ani bought collectible bangles that would attach to inexpensive, expandable charm bracelets.

In 2010, the corporation employed former state Sen. Giovanni Feroce as CEO and about the upcoming several a long time opened much more than 100 outlets throughout the place and purchased a Tremendous Bowl industrial. Feroce left the company along with a substantial chunk of its executives abruptly in 2014.