Popular Disney Jewelry designer Alex & Ani has just filed for bankruptcy according to The Providence Journal.
The company, which had been mired in sales slumps, lawsuits and internal conflict, said it will continue to operate while working with creditors and restructuring during the bankruptcy proceedings.
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“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,” Robert Trabucco, Alex and Ani’s chief restructuring officer, said in a statement. “By utilizing the Chapter 11 process, we are able to ensure an expedited and orderly right-sizing of our balance sheet and operations.”
The Company nor Disney has issued a statement at this time. Fans are still able to find their products online and at the Disney Theme Parks.
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The company currently is controlled by British private equity firm Lion Capital, listed between $100 million and $500 million in debt to hundreds of creditors, and assets of about the same value, according to the filing in U.S. Bankruptcy Court in Delaware.