Alex and Ani, jewelry makers known for charm bracelets, file for bankruptcy

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Alex and Ani filed for Chapter 11 bankruptcy protection this week, saying they have 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 enables a company to restructure debt

Founded in Cranston in 2004, the company grew into a billion dollar global brand best known for its charm bracelets.

The largest unsecured debt is with real estate management companies, including Chapel Associates of Johnston, which owes $ 4.1 million. The company owns the Chapel View Shopping Center, which was once the headquarters of Alex and Ani.

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

The company intends to operate its businesses and website as usual throughout the process, Robert Trabucco, chief restructuring officer of Alex and Ani, said in a statement to The Boston Globe.

The COVID-19 pandemic has caused the company to pause strategic growth initiatives, temporarily close stores and reduce operations due to lower customer demand, he said.

The London investment firm Lion Capital currently owns the majority of Alex and Ani.



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