Alex and Ani, known for its trendy bracelets, filed for Chapter 11 bankruptcy protection on June 9. The company said it had reached a restructuring agreement with its lenders and its equity sponsors. It plans to continue operating its existing stores and website during the court-supervised proceedings.
The East Greenwich, Rhode Island-based company's assets are roughly worth from $100 million to $500 million. Its liabilities total a similar amount, according to Reuters.
The company, which has more than 500 employees, said it is working with its debt holders and its equity sponsors to implement a restructuring plan to stabilize its business.
COVID-19 impact of Alex and Ani Co.
Robert Trabucco, Alex and Ani’s Chief Restructuring Officer, said in a press release that in response...