Count Alex and Ani as the latest retailer to succumb to the disruptions of the coronavirus.
The East Greenwich, R.I.-based bangle and costume jewelry company filed for Chapter 11 bankruptcy protection from its creditors late Wednesday.
Lenders and equity sponsors entered into a restructuring support agreement with the company that was implemented with the filing. “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.
“Our employees will continue to be paid as usual during this process,” Trabucco said. “The company will look to optimize its retail footprint, bolster the ecommerce platform, and focus on strategic wholesale accounts. “This process and proposed transaction is positive news for our employees, our customers, and our suppliers,” he said. “ Alex and Ani will have enhanced access to the financial resources with an optimized capital structure necessary to continue to prosper and grow.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Alex Scott ‘delighted’ to land massive new role as host of Soccer AidAlex Scott has landed the role as touch-line presenter for this year’s Soccer Aid for UNICEF 2021, working alongside TOWIE’s Mark Wright, Maya Jama, Wayne Rooney and more.
Read more »
Pregnant Alex Jones wows The One Show in this sellout Marks & Spencer dressPregnant Alex Jones looked incredible on The One Show wearing a Marks & Spencer yellow dress with cherries on it. It is part of the M&S X Ghost collection and costs £69.
Read more »
Damon Hill To Be Subject Of New Doc From ‘Maiden’ Director Alex Holmes & Independent Entertainment — Cannes MarketEXCLUSIVE: Former Formula One champ Damon Hill is the subject of a new documentary from Alex Holmes, director of BAFTA-nominated doc biopic Maiden. The feature will explore the story of how Damon H…
Read more »
Hertz’s Mom-and-Pop Investors Face a Bankruptcy Process Not Designed for ThemBullish individual traders who believed in Hertz despite its bankruptcy are navigating a chapter 11 process that leaves them with more questions than answers
Read more »
VW to Receive Dieselgate Settlement From Former CEO, ExecutivesFormer Volkswagen CEO Martin Winterkorn and other executives will pay the company a total of $351 million to settle lawsuits for their alleged roles in a decadelong emissions fraud that continues to cast a shadow over the car maker
Read more »
Kim Kardashian Gets Diamond Ring, Plan B in Mail, Will Seek Restraining OrderKim Kardashian will respond to disturbing package from fan by filing for restraining order.
Read more »