Alex and Ani (East Greenwich, R.I.) filed for bankruptcy this past Wednesday in Delaware, according to a company press release.
The jewelry retailer has also put itself up for sale and is planning on going through a financial and operational restructuring as per an agreement with its equity sponsors and debt holders.
The retailer will be operating its “currently open stores” and will continue to operate its website during the process. It will be evaluating and rejecting existing leases determined to be “uneconomic,” according to court documents.
Alex and Ani’s Chief Restructuring Officer Robert Trabucco said, “We have worked diligently to overcome challenges with our capital structure, and we are very pleased with our progress from an operational efficiency standpoint … This process and proposed transaction is positive news for our employees, our customers and our suppliers. Alex and Ani will have enhanced access to the financial resources with an optimized capital structure necessary to continue to prosper and grow. By utilizing the Chapter 11 process, we are able to ensure an expedited and orderly right-sizing of our balance sheet and operations.”