Alex and Ani Jewelers file for Chapter 11 bankruptcy protection
The once high flying jewelry chain that specializes in charm bangles and affordable jewelry expanded too fast and was unable to make lease payments on their 74 leases.
The bankrupt jeweler recently announced a restructuring agreement with its secured lenders and equity participants.
From the press release...
"We have worked diligently to overcome challenges with our capital structure, and we are very pleased with our progress from an operational efficiency standpoint," said Alex and Ani's Chief Restructuring Officer, Robert Trabucco. "In 2020, COVID-19 forced the company to pause its key strategic growth initiatives, temporarily close stores and scale back its operations in light of reduced in-store customer demand. During that time, Alex and Ani continued to invest in its eCommerce platform," said Mr. Trabucco."