MajorsApr 18, 2023
David’s Bridal Files for Bankruptcy, Plans to Lay Off 9K WorkersMajorsJul 05, 2023
Alex and Ani to Close Majority of Stores, R.I. Headquarters
Only seven stores will remain open, according to a report by The Boston Globe.
The Alex and Ani “Armenian Flower” bangle. The jewelry company is closing 20 locations and its Rhode Island headquarters, according to a Boston Globe report.
East Greenwich, R.I.—Alex and Ani is significantly shrinking its footprint.
The jewelry company is closing 20 locations and its headquarters in East Greenwich, Rhode Island, according to a report by The Boston Globe.
The closure will mark the first time in the company’s history that it will not have an office in its home state.
Several employees told the Globe that during a recent staff meeting, CEO Scott Burger told them the company was shutting down its headquarters and that they should gather their things and prepare to work from home that same day.
In a statement, Burger told the Globe the company was evaluating its office needs for a hybrid working model, adding its Rhode Island team would work remotely while, “we determine our future office needs and conduct a search.”
Alex and Ani could not be reached for comment on the closures.
The jewelry company had downsized its operations previously.
In March, the company partnered with Stord to outsource its warehousing and fulfillment services, putting that 125,000-square-foot section of its East Greenwich space up for lease, said the Globe.
“Our e-commerce business has rapidly grown, and we wanted a partner with expertise across our supply chain that delivers a high quality experience for our customers,” said Burger in a statement in March.
“Trusting Stord with DTC and B2B fulfillment allows our team to focus on scaling our brand, developing products, and further elevating the customer experience.”
Related stories will be right here …
The jewelry company is closing 20 locations and its headquarters in East Greenwich, Rhode Island, according to a report by The Boston Globe.
The closure will mark the first time in the company’s history that it will not have an office in its home state.
Several employees told the Globe that during a recent staff meeting, CEO Scott Burger told them the company was shutting down its headquarters and that they should gather their things and prepare to work from home that same day.
In a statement, Burger told the Globe the company was evaluating its office needs for a hybrid working model, adding its Rhode Island team would work remotely while, “we determine our future office needs and conduct a search.”
Alex and Ani could not be reached for comment on the closures.
The jewelry company had downsized its operations previously.
In March, the company partnered with Stord to outsource its warehousing and fulfillment services, putting that 125,000-square-foot section of its East Greenwich space up for lease, said the Globe.
“Our e-commerce business has rapidly grown, and we wanted a partner with expertise across our supply chain that delivers a high quality experience for our customers,” said Burger in a statement in March.
“Trusting Stord with DTC and B2B fulfillment allows our team to focus on scaling our brand, developing products, and further elevating the customer experience.”
After making a big splash in the first decade of the new millennium, Alex and Ani has struggled to find its footing in recent years, filing for Chapter 11 bankruptcy protection in 2021.
At the time of the bankruptcy filing, the company held 74 leases.
Only seven stores will remain open, executives told the Globe.
During its bankruptcy proceedings, Alex and Ani unsuccessfully looked for a buyer.
A judge then approved a Chapter 11 reorganization plan under which private equity firm Lion Capital LLP purchased debt Alex and Ani owed to various banks and upped its stake in the company to 65 percent from 59 percent.
In 2022, the company secured a $17.5 million loan to help rebuild post-bankruptcy.
The company, famous for its low-cost, collectible bangles, was founded in Rhode Island in 2004 by Carolyn Rafaelian, who named the company after her two eldest daughters.
The wire charm bracelets were incredibly popular in the early 2010s, sold at Alex and Ani stores nationwide and via retail partners, including chain stores and independent jewelers, with annual revenue totaling hundreds of millions of dollars.
As consumers moved on to the next trend, Alex and Ani found itself saddled with debt due in part to having grown so quickly, as well as a couple of legal battles. On top of that, there was a high turnover rate among its C-suite.
Rafaelian left the company in 2020.
Late last year, she founded a new jewelry company, Metal Alchemist, which designs and crafts its jewelry in Rhode Island.
Rafaelian, an Armenian-American, also launched a charity initiative, “Alchemy for Armenia,” through her new brand to support Armenia’s historic sites, recruiting fellow Armenian-Americans Cher and physician and entrepreneur Eric Esrailian.
More on Majors
The Latest
SurveysJul 01, 2026
Consumer Confidence Ticks Up in JuneFalling oil prices were a factor in the slight month-over-month improvement.
CollectionsJul 01, 2026
Rio Grande Launches First Finished Bridal CollectionThe new offering comprises more than 120 bridal and engagement ring styles with natural and lab-grown diamonds.
WatchesJul 01, 2026
Rolex Unveils Clock at Rockefeller CenterThe clock is part of the celebration for the soon-to-open Rolex headquarters on New York City’s Fifth Avenue.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
IndependentsJul 01, 2026
Kristen Cannon of Valobra Master Jewelers Dies at 49The public relations professional is remembered for her benevolent generosity and unwavering commitment to those around her.
Weekly QuizJul 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesJun 30, 2026
Pokémon Fans Will Want to Catch This New G-Shock WatchThe new watch commemorates Pokémon’s 30th anniversary.
CollectionsJun 30, 2026
Jade Ruzzo’s New Collection Embodies the Art of Being a LadyThe “Lady” collection is a new take on old beauty standards with gemstone-adorned hair pins and combs, a compact mirror necklace, and more.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
SourcingJun 30, 2026
Blue Nile Introduces Montana Sapphire CollectionThe new line is included in the e-tailer’s curation of jewelry celebrating America’s 250th anniversary.
GradingJun 30, 2026
AGS Opens 2026 Recertification ExamAll active members who earned their credential or designation before Dec. 1, 2025, are required to recertify.
CollectionsJun 29, 2026
Briony Raymond’s New Collection Is a ‘Carousel’ of Hard StonesThe new jewelry collection uses a colorful palette of onyx, malachite, tiger’s eye, mother-of-pearl, lapis, turquoise, and coral.
IndependentsJun 29, 2026
Look Inside Lee Michaels’ Revamped Mississippi FlagshipLee Michaels Fine Jewelry is celebrating 30 years in the Ridgeland, Mississippi community.
GradingJun 29, 2026
National Rarities Announces New Gemology ManagerSean Milliner has joined the company.
GradingJun 29, 2026
GIA to Open New London CampusClasses will begin in August at GIA’s new Canary Wharf location.
AuctionsJun 26, 2026
‘Hogback’ Diamond Ring Finds a New Home A ring set with “hogback” diamonds, an early stone cut dating to around the 16th century, sold for more than $20,000 at a U.K. auction.
CollectionsJun 26, 2026
Strength Is Sharpened Into Beauty in Kris Averi’s ‘Prism Thorn’ RingThe rainbow version of the ring, our Piece of the Week, features angel-cut, octahedral lab-grown sapphires designed to be worn as armor.
TrendsJun 26, 2026
Bernard James Celebrates Knicks’ Win with RingThe Brooklyn-based jeweler created a limited-edition version of its “Aura” eternity band, set with gemstones in the team’s colors.
SourcingJun 25, 2026
ICA Names Brandee Dallow as CEODallow will lead the International Colored Gemstone Association, effective July 6.
EditorsJun 25, 2026
Out & About: How Jewelers Mutual, SCAD Are Tackling the Bench Jeweler ShortageSenior Editor Lenore Fedow headed to Savannah to learn more about the 10-year, $10 million partnership between JM and the art school.
CollectionsJun 25, 2026
Mejuri Experiments With SteelIts new capsule jewelry collection features gold-finished stainless steel pieces designed for a maximalist look without a luxury price tag.
Events & AwardsJun 25, 2026
Watches & Wonders Announces 2027 DatesThe week-long event in Geneva is slated for April 2027.
SourcingJun 25, 2026
Annie Doresca, Mark Smelzer, Sara Yood Join Gem Legacy BoardThe three industry leaders bring financial, communications, and legal expertise to the nonprofit’s board of directors.
ColumnistsJun 24, 2026
The Revenue Hiding Between Your Counter and Your Online CartJewelers are missing out by not offering this one key add-on at the online point of sale, Emmanuel Raheb writes.
CollectionsJun 24, 2026
Greenwich St. Jewelers, Jewel Boxing’s Latest Drop Is On-TrendThe fourth collaborative collection from the retailer and jewelry content creator focuses on gemstone charms and strands of colorful beads.
Events & AwardsJun 24, 2026
AGTA Accepting Entries for Spectrum 2026This year’s AGTA Spectrum & Cutting Edge Awards will feature two new categories.
SourcingJun 24, 2026
Columbia Gem House To Offer Alexandrite Melee OnlineThe collection features traceable alexandrite from Brazil in calibrated sizes that is sorted by grade.
MajorsJun 24, 2026
CaratLane Names New Chief Sales OfficerDhaval Raja has been appointed to the role.
