Alex and Ani files for Chapter 11 bankruptcy

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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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