Sterling Fights Back Against Alex and Ani

RAPAPORT... Sterling Jewelers has responded toAlex and Ani's countersuit against the retailer, claiming its sparring partner breached a contract between the companies. The jewelry retail giant has highlighted nine points itbelieves makes Alex and Ani's countersuit invalid, including Alex and Ani notperforming its obligations under the contract, and filing thecounterclaim in bad faith.The companies agreed in August 2015 that Sterling would buy merchandise from Alex and Ani to sell in some of its Jared stories. Sterling was unable to sell all the jewelry, and was left with approximately $6 million-worth of surplus inventory. In January, Sterling sued Alex and Ani for more than $2million, claiming Alex and Ani had failed to pay for jewelry it had agreed to buy back from the retailer. Alex and Ani then filed acountersuit, claiming Sterling broke the terms of the contract by selling off the jewelry in its less prestigious stores and on websites. In its February 26 filing, Sterling asked the court to dismiss Alex and Ani'scounterclaim, and for payment of attorney's fees, as well as "further reliefas the court may deem proper and just."