RI-based Alex and Ani files for bankruptcy

Business News

CRANSTON, R.I. (WPRI/AP) — Alex and Ani, a jewelry company based out of Rhode Island, filed for Chapter 11 bankruptcy protection, saying in the filing it has between $100 million and $500 million in debts.

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

Carolyn Rafaelian founded Alex and Ani in 2004, opening the first store in Newport in 2009. The company’s worldwide headquarters is currently based out of Cranston.

Rafaelian left the role of chief executive officer in 2019. That same year, Alex and Ani sued Bank of America for $1.2 billion, arguing that gender bias and greed had led the company into a financial “death spiral.”

Chapter 11 bankruptcy allows a business to restructure debt. The company says it intends to continue operating its stores and its website as usual throughout the process.

Two of their largest unsecured creditors, Simon Property Group Inc. and Brookfield Property Partners LP, are each owed more than $3 million in rent payments, according to Bloomberg’s report.

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