We’ve all got our own favorite kind of merchandise that we collect whenever we’re in the Disney Parks.

But, you’ll need to know about the latest update to one of the biggest fan-favorite items that are stock on the shelves!

Bloomberg has noted that jewelry making Alex and Ani has filed by Chapter 11 bankruptcy protection and put itself up for sale. The company has filed in Delaware with listed assets and liabilities of $100 million to $500 million each.

According to Bloomberg, the company has entered into a restructuring agreement in order to try and aid its online and wholesale businesses. While Alex and Ani currently has 524 part and full time employees and 74 leases, the company has also stated that there should be “little to no disruption” in its operations at the moment. Despite having dozens of stores and even having its jewelry featured in places like the Disney Parks, one-third of the Alex and Ani stores are still currently closed because of the pandemic.

The Simon Property Group Inc. and Brookfield Property Partners LP are owed more than $3 million each as the biggest unsecured creditors. However, Chapter 11 bankruptcy does allow Alex and Ani relief from these issues in order to restructure its company and operate accordingly in the meantime.

After an increasingly rapid growth of Carolyn Rafaelian’s founded company, the jewelry manufacturers “struggled to keep up with demand” as it dealt with “significant” management turnover, according to Chief Restructuring Officer Robert Trabucco. There have also been issues with surplus inventory, inventory management, and leases that contributed to Alex and Ani’s drop from 59% to 19% in revenue for its wholesale business. A recent ransomware attack and the pandemic only created more problems for the once highly profitable company.

Of course, we’ll be sure to update you on everything you need to know about the future of Alex and Ani moving forward. And, you can stay tuned with All Ears for the latest Disney news coming soon!

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Do you own any Alex and Ani bracelets? Let us know in the comments below!