Alex and Ani, jeweler known for his charm bracelets, file for bankruptcy

Alex and Ani filed for Chapter 11 bankruptcy protection this week, claiming in the file he was between $ 100 million and $ 500 million in debt.

The Rhode Island-based company lists assets in a similar range, according to Wednesday’s filing.

Chapter 11 bankruptcy allows a business to restructure its debt.

The company that started in Cranston in 2004 has grown into a billion dollar global brand best known for its charm bracelets.

Its largest unsecured debt is with property management companies, including Chapel Associates to Johnston, which owes $ 4.1 million. The company owns the Chapel View shopping complex, where Alex and Ani were once headquartered.

He also owes East Greenwich nearly $ 176,000 in taxes, according to the filing.

The company intends to continue operating its stores and website as usual throughout the process, Robert Trabucco, director of restructuring for Alex and Ani, said in a statement to the Boston Globe.

The COVID-19 pandemic has led the company to suspend its strategic growth initiatives, temporarily close stores and scale back operations due to reduced customer demand, he said.

London-based investment firm Lion Capital currently owns a majority stake in Alex and Ani.

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About Jennifer Amaro

Jennifer Amaro

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