Alex and Ani was founded by Rafaelian in 2004 and opened its first store in Newport, Rhode Island, in 2009. The company experienced quick growth, with annual sales jumping to more than $300 million in 2016 from $5 million in 2009, and it opened dozens of new stores and signed licensing deals with the Walt Disney Co. and the National Football League.
In 2015, the company sought to control its supply chain with the $140 million acquisition of the factory that makes its jewelry. Bank of America provided a $170 million term loan, as well as a revolving $50 million credit line that Alex and Ani could use to finance immediate needs, according to the lawsuit.
The case is Alex and Ani LLC v. Bank of America NA, 19-cv-6929, U.S. District Court, Southern District of New York (Manhattan).
This article was provided by Bloomberg News.