RI-based Alex and Ani files for bankruptcy

RI-based Alex and Ani files for bankruptcy

CRANSTON, R.I. (WPRI) — Alex and Ani, a jewelry company based out of Rhode Island, filed for Chapter 11 bankruptcy protection on Wednesday, Bloomberg reports. Carolyn Rafaelian founded Alex and Ani in 2004, opening the first store in Newport in 2009. The company’s worldwide headquarters is currently based out of Cranston. Rafaelian left the role of chief executive officer in 2019. That same year, Alex and Ani sued Bank of America for $1.2 billion, arguing that gender bias and greed had led the company into a financial “death spiral.” Bloomberg claims the company recently entered into a restructuring agreement as it reorganizes and boosts both online and wholesale business. Alex and Ani filed for the bankruptcy in Delaware, listing their assets and liabilities as $100 million to $500 million each, the report said. Two of their largest unsecured creditors, Simon Property Group Inc. and Brookfield Property Partners LP, are each owed more than $3 million in rent payments, according to Bloomberg.
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