Alex and Ani files for Chapter 11 bankruptcy

ICYMI: Rhode Island had as many as 152,153 confirmed cases of coronavirus as of Wednesday, after adding 35 new cases. The most recent overall positive daily test rate was 0.5 percent. The state recorded three new deaths, bringing the total to 2,722. There were 44 people in the hospital and 580,407 residents were fully immunized.

Alex and Ani, the Rhode Island-based jewelry company that has grown into a billion-dollar business, filed for Chapter 11 bankruptcy in Delaware on Wednesday.

The company, founded by Carolyn Rafaelien, listed between $ 100 million and $ 500 million each in assets and liabilities, depending on the filing.

Its largest unsecured debt is with property management companies, including Chapel Associates to Johnston, which owes $ 4.1 million. He also owes the city of East Greenwich nearly $ 176,000 in taxes, according to the filing.

Chapter 11 bankruptcy is intended to restructure debt and typically affects businesses.

Alex and Ani was founded in 2004 and has become very popular for its charm bracelets. The company ran Super Bowl commercials two years in a row. But he has faced financial problems in recent years and at one point tried to sue Bank of America for $ 1.2 billion, but then dropped the lawsuit.

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You can reach Dan McGowan at dan.mcgowan@globe.com. Follow him on Twitter at @danmcgowan.

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