PROVIDENCE, R.I. (AP) — Rhode Island jewelry maker Alex and Ani has 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.
Chapter 11 bankruptcy allows a business to restructure debt.
The company that started in Cranston in 2004 grew into a global billion-dollar brand best known for its charm bracelets.
Its largest unsecured debts are with property management companies, including Chapel Associates in Johnston, which is owed $4.1 million. The company is the owner of Chapel View shopping complex, where Alex and Ani’s headquarters was once located.
It also owes East Greenwich nearly $176,000 in taxes, according to the filing.
The company intends to continue operating its stores and its website as usual throughout the process, Robert Trabucco, Alex and Ani’s chief restructuring officer, said in a statement to The Boston Globe.
The COVID-19 pandemic led the company to pause strategic growth initiatives, temporarily close stores, and scale back its operations because of the reduced customer demand, he said.
London-based investment firm Lion Capital currently owns the majority of Alex and Ani.