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 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.
The Latest
The announcement coincided with its full-year results, with growth driven by its jewelry brands.
Looking ahead, the retailer said it sees “enormous potential” in Roberto Coin’s ability to boost its branded jewelry business.
Jewelry trade show veterans share strategies for engaging buyers, managing your time effectively, and packing the right shoes.
Despite the rising prices, consumers continue to seek out the precious metal.
This little guy’s name is Ricky and he just sold for more than $200,000 at Sotheby’s Geneva jewelry auction.
Though its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
Despite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Lilian Raji gives advice to designers on how to make the most of great publicity opportunities.
The mining company wants to divest its 70 percent holding in the Mothae Diamond Mine in an effort to streamline its portfolio.
Why do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
The annual list recognizes young professionals making an impact in jewelry retail.
Owner David Mann is heading into retirement.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.