EAST GREENWICH, R.I. – Rhode Island jewelry retailer Alex and Ani LLC filed for Chapter 11 bankruptcy protection, according to a court filing made on June 9.
The company’s estimated assets ranged from $100 million to $500 million as did its estimated liabilities, according to the filing made in the United States Bankruptcy Court for the District of Delaware.
Mall owners Simon Property Group Inc and Brookfield Property Partners LP are among its largest unsecured creditors. Each are owed more than $3 million in rent payments, according to Bloomberg News.
Alex and Ani’s products include charm bracelets and necklaces. Founded in 2004 by Carolyn Rafaelian, it has locations in the United States, Aruba and Panama. Rafaelian left the operation of the company about a year ago and later launched a new jewelry company. Alex and Ani, now controlled by a British private equity firm, said it would continue to work through the bankruptcy process as it seeks buyers for its assets and continue restructuring.
