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 peachy hue also marks the program’s 25th anniversary.

The 21 pieces up for auction, including Tiffany & Co. jewels and a Cartier watch, garnered more than $430,000 across two sales.

Centered on a sunny heliodor, the “Links” pin was designed by Ukrainian jewelry artist Inesa Kovalova.

Without the ability to instill confidence within the industry and directly to the consumer, a diamond holds very little value.

It provides a timeline for the implementation of new restrictions, but no details.


Sherry Smith breaks down the numbers on jewelry sales in November and reveals the category that “emerged as a standout.”

Additional lots will be offered in the Fine Jewels online sale through Dec. 7.

With holiday proposals right around the corner, encourage your customers to go for platinum when making the big purchase.

By mixing creative and practical skills, the new course hopes to fill the industry’s bench jeweler gap.

Several other colored gemstones joined the pieces in the top 10 list.

The retailer is still expecting a strong holiday season with improving demand for natural diamonds.

Peter Damian Arguello, the owner of Peter Damian Fine Jewelry & Antiques, was shot and killed in an apparent robbery last week.

The Indian jewelry giant has opened locations in Houston and Frisco, Texas.

Each student was provided with the full amount of tuition for the Namibia University of Science & Technology.

Ryan Perry, who has been with De Beers since 2002, also will be leaving the company next year.

The watch seller’s new index tracks sales data from 14 brands, including Rolex and Patek Philippe.

The industry veteran will step down from both roles in April 2024.

Tanzanite, turquoise, and zircon are all options for December babies, who sometimes “get the birthday shaft,” Amanda Gizzi writes.

The lab-grown diamond brand also collaborated with the website The Future Rocks on a collection launching today.

The company said it is facing a “challenging retail environment” but is prepared for the holiday season.

It’s the hero piece of the newest "Green Jewel" collection, a collaborative offering from the two mines.

The 15.48-carat fancy intense “Pink Supreme” topped Christie’s fall jewelry auction in Asia, while a Patek Philippe led the watch sale.

Chris Cramer, who also spent time at Gen Z intimates brand Parade, will take on the dual role.

The stone headlining the upcoming sale could fetch up to $5 million.

The retail offering lets customers track their diamond’s journey.

The Luele mine is expected to eventually make the country the world’s third-largest diamond producer.

From Thanksgiving through Cyber Monday, 200.4 million consumers shopped online and in stores.