Alex and Ani filed for Chapter 11 bankruptcy protection in Delaware on Wednesday, according to a report from Bloomberg.
The Rhode Island-based jewelry company, founded in 2004 by Carolyn Rafaelian, gained fame and built a billion dollar retail business essentially on its charm and bangle bracelets.
According to Bloomberg, mall owners Simon Property Group and Brookfield Property Partners are owed millions of dollars in rent and are among the companies largest unsecured creditors.
Alex and Ani listed assets and liabilities between $100 million and $500 million each.
A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time.
Founder Carolyn Rafaelian was forced out of the company in 2020. The company opened its first retail store in Newport in 2009.
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