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

Sponsored by the Gemological Institute of America

This past year, the manufacturer said it recorded below-zero emissions per carat of natural diamond.

The brand’s “Golden Strada” statement necklace features round, marquise, and pear diamonds that sparkle like Fourth of July fireworks.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

JSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.


Located on Rodeo Drive, the store’s design was inspired by Hollywood and Los Angeles culture.

The new location continues the brand’s celebration of its 25th anniversary.

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

The online watch marketplace’s “Time Is Our Thing” campaign highlights the importance of time.

She will oversee strategic planning, fundraising, industry partnerships, and the launch of the Gem Legacy Campus in Tanzania.

Working with Amazon’s Counterfeit Crimes Unit and law enforcement, Pandora helped to shut down a large-scale counterfeit network in China.

The jewelry company has closed its three California brick-and-mortar stores, as well as its online shop, for now.

The company is providing the opportunity for an FIT student to work alongside master diamond cutter Willie Lopez in its workshop.

He is remembered for his successful entrepreneurship, generosity, and dedication to his family.

The jewelry store chain has reportedly been struggling with costs related to tariffs as well as tough retail competition.

Welcome warm summer days with red hot rubies perfectly chosen as July’s birthstone.

Co-founders Afzal Imram and Lin Ruiyin brought their son’s story of a cosmic egg, toadstool, and railroad to life in their new collection.

The best time to prepare for the holiday season is right now, according to columnist Emmanuel Raheb.

This year’s winner is Morgan Keefe, who is currently studying at GIA to be a gemologist.

“The Jewelry Book” comes out this September.

The company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.

Following its recent acquisition, the storied brand has updated its leadership team and regional managers.

AGS also named the recipient of its “Women in Leadership” scholarship.

The 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.

Rocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.

The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.

The decline was consistent across age groups and almost all income groups, with tariffs and inflation still top of mind.