EditorsDec 22, 2020
Retail Rewind: The Year of Chapter 11MajorsJun 11, 2021
Alex and Ani Files for Bankruptcy
The jewelry company, hampered by a rapid expansion and several legal battles, is on the hunt for a buyer.
The Alex and Ani “Armenian Flower” bangle, which benefits The Armenia Fund. The jewelry company filed for Chapter 11 bankruptcy protection late Wednesday.
East Greenwich, R.I.—Alex and Ani filed for Chapter 11 bankruptcy protection late Wednesday and is looking for a buyer, according to court documents.
The jewelry company, famous for its collectible, low-cost bangles, has been struggling under the weight of a rapid expansion and various legal battles.
The company’s estimated assets and liabilities both range from $100 million to $500 million, according to a filing in the U.S. Bankruptcy Court for the District of Delaware.
Mall owners Simon Property Group and Brookfield Property Partners are among its largest unsecured creditors, with each owed more than $3 million.
The company has entered into a restructuring agreement with debt and equity holders, looking to bolster its online and wholesale channels. There should be “little to no disruption” in operations, the company said.
Chief Restructuring Officer Robert Trabucco, who was formerly the chief financial officer of Signet-owned Sterling Jewelers, will head the company’s restructuring process.
In a court filing, Trabucco noted the company has suffered from “adverse macro-trends driving customers away from brick-and-mortar retail.”
Alex and Ani currently holds 74 leases, which will be under review as part of its restructuring plan. Approximately 25 stores are currently closed as a result of the COVID-19 pandemic.
The pandemic took its toll on the company, exacerbating problems that took root a decade ago.
“Alex and Ani’s explosive growth in the early 2010s resulted in certain operational challenges as the company’s existing infrastructure struggled to keep up with demand for its products, and significant turnover in management disrupted key business relationships,” said Trabucco in a court filing.
Trabucco gave a rundown of the management changes, beginning with the departure of then-CEO Giovanni Feroce in 2014.
Shortly after, either voluntarily or by request, the company lost its chief financial officer, chief technical officer, chief strategy officer, chief digital officer, acting chief operating officer, assistant general counsel, and its vice presidents of transitional operations, retail, and wholesale.
The turnover led to “a significant loss of institutional knowledge” and employment-related litigation.
Feroce was briefly succeeded by Harlan Kent, whose official title was president, while company founder Carol Rafaelian took over the CEO position.
Kent was there less than a year before he departed and Chief Operating Officer Cindy DiPietrantonio stepped into the role for a brief period.
After that, Rafaelian was both president and CEO until her departure in 2019. Trabucco followed as interim CEO.
Related stories will be right here …
The jewelry company, famous for its collectible, low-cost bangles, has been struggling under the weight of a rapid expansion and various legal battles.
The company’s estimated assets and liabilities both range from $100 million to $500 million, according to a filing in the U.S. Bankruptcy Court for the District of Delaware.
Mall owners Simon Property Group and Brookfield Property Partners are among its largest unsecured creditors, with each owed more than $3 million.
The company has entered into a restructuring agreement with debt and equity holders, looking to bolster its online and wholesale channels. There should be “little to no disruption” in operations, the company said.
Chief Restructuring Officer Robert Trabucco, who was formerly the chief financial officer of Signet-owned Sterling Jewelers, will head the company’s restructuring process.
In a court filing, Trabucco noted the company has suffered from “adverse macro-trends driving customers away from brick-and-mortar retail.”
Alex and Ani currently holds 74 leases, which will be under review as part of its restructuring plan. Approximately 25 stores are currently closed as a result of the COVID-19 pandemic.
The pandemic took its toll on the company, exacerbating problems that took root a decade ago.
“Alex and Ani’s explosive growth in the early 2010s resulted in certain operational challenges as the company’s existing infrastructure struggled to keep up with demand for its products, and significant turnover in management disrupted key business relationships,” said Trabucco in a court filing.
Trabucco gave a rundown of the management changes, beginning with the departure of then-CEO Giovanni Feroce in 2014.
Shortly after, either voluntarily or by request, the company lost its chief financial officer, chief technical officer, chief strategy officer, chief digital officer, acting chief operating officer, assistant general counsel, and its vice presidents of transitional operations, retail, and wholesale.
The turnover led to “a significant loss of institutional knowledge” and employment-related litigation.
Feroce was briefly succeeded by Harlan Kent, whose official title was president, while company founder Carol Rafaelian took over the CEO position.
Kent was there less than a year before he departed and Chief Operating Officer Cindy DiPietrantonio stepped into the role for a brief period.
After that, Rafaelian was both president and CEO until her departure in 2019. Trabucco followed as interim CEO.
Rafaelian started Alex and Ani in 2004, with its first store opening in Newport, Rhode Island in 2009.
Within just a few years, the company’s wire charm bracelets were a hit and more than 100 Alex and Ani stores popped up across the United States, Canada, and Puerto Rico.
In 2018, Rafaelian and private equity firm Lion Capital LLP, then a minority shareholder, worked out a restructuring plan to prevent the jewelry company from defaulting on its credit obligations.
When Lion Capital increased its stake in the company in 2019, Rafaelian stepped down as CEO.
Prior to Rafaelian’s departure, the company filed a lawsuit against Bank of America in July 2019, accusing the bank of discriminatory lending practices against a women-led company and asking for $1 billion in damages.
The bank disputed the allegations and the case was dropped the following month.
The jewelry company also found itself in a complicated legal battle with Sterling Jewelers, which included more than a year of litigation and back-and-forth breach of contract claims.
That case was dismissed with prejudice in February 2019.
The bankruptcy case is Alex and Ani LLC, 21-10918, U.S. Bankruptcy Court for the District of Delaware.
Within just a few years, the company’s wire charm bracelets were a hit and more than 100 Alex and Ani stores popped up across the United States, Canada, and Puerto Rico.
In 2018, Rafaelian and private equity firm Lion Capital LLP, then a minority shareholder, worked out a restructuring plan to prevent the jewelry company from defaulting on its credit obligations.
When Lion Capital increased its stake in the company in 2019, Rafaelian stepped down as CEO.
Prior to Rafaelian’s departure, the company filed a lawsuit against Bank of America in July 2019, accusing the bank of discriminatory lending practices against a women-led company and asking for $1 billion in damages.
The bank disputed the allegations and the case was dropped the following month.
The jewelry company also found itself in a complicated legal battle with Sterling Jewelers, which included more than a year of litigation and back-and-forth breach of contract claims.
That case was dismissed with prejudice in February 2019.
The bankruptcy case is Alex and Ani LLC, 21-10918, U.S. Bankruptcy Court for the District of Delaware.
The Latest
IndependentsJun 26, 2025
Penny Ruston Dies at 80 The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.
SurveysJun 26, 2025
After Recovering in May, Consumer Confidence Dips in June The decline was consistent across age groups and almost all income groups, with tariffs and inflation still top of mind.
CollectionsJun 26, 2025
Jam Out With Sorellina’s Jimi Hendrix-Inspired JewelsThe “Playlist: Electric Dreams” collection brings lyrics from the musician’s song, “Little Wing,” to life through fine jewelry.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
Events & AwardsJun 26, 2025
The Jewelry Symposium Is Looking for Speakers for 2026 EventThe event is set for May 16-19 in Detroit, Michigan.
Weekly QuizJun 26, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsJun 25, 2025
Marissa Collections Opens in Nantucket as Legal Fight ContinuesThe Vault’s Katherine Jetter is accusing the retailer of using info she shared for a potential partnership to move into Nantucket.
CrimeJun 25, 2025
Customs Nabs Another Big Shipment of Fake Cartier, Van Cleef JewelryAgents seized 2,193 pieces, a mix of counterfeit Cartier “Love” and “Juste Un Clou” bracelets, and Van Cleef & Arpels’ “Alhambra” design.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
CollectionsJun 25, 2025
Splash into Karina Choudhrie’s Collection of Underwater Circus PerformersThe designer brought her children’s book, “The Big Splash Circus,” to life through a collection of playful fine jewelry characters.
Events & AwardsJun 25, 2025
JA Announces Impact Initiative Fund RecipientsThe trade association has chosen the recipients of the funding initiative it formed to foster the growth and sustainability of the industry.
SourcingJun 25, 2025
2025 AGTA Spectrum Awards Open for EntriesThe organization has also announced this year’s slate of judges.
EditorsJun 24, 2025
The Best New Jewelry from Couture 2025, Part 2Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.
IndependentsJun 24, 2025
Colorado Bench Jeweler Celebrates 50 Years With Local RetailerLori Tucker started at Williams Jewelers when she was 18 years old.
WatchesJun 24, 2025
Citizen’s New ‘Fantastic Four’ Watch Is Literally Super The “Marvel | Citizen Zenshin” watch is crafted in Super Titanium and has subtle nods to all four “Fantastic Four” superheroes on the dial.
GradingJun 23, 2025
GIA Names New President and CEO Pritesh Patel, the lab’s chief operating officer, will take over as president and CEO of GIA.
Recorded WebinarsJun 23, 2025
Watch: Top Trends at Couture, JCK Las Vegas 2025National Jeweler and Jewelers of America discuss the standout jewelry trends and biggest news to emerge from the shows this year.
SourcingJun 23, 2025
Diamond Producers, Organizations to Kick in Money to Promote Natural DiamondsSignatories to the “Luanda Accord” committed to allocating 1 percent of annual diamond revenue to the Natural Diamond Council.
Events & AwardsJun 23, 2025
Jose Hess Design Awards Celebrate 6 Jewelry DesignersThe winning designs captured the “Radiance” theme.
Events & AwardsJun 23, 2025
Gem Awards Now Accepting Nominations for 2026Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.
TrendsJun 20, 2025
Dua Lipa Stays On-Trend With Chunky Engagement RingThe singer’s ring ticks off many bridal trends, with a thick band, half-bezel setting, and solitaire diamond.
TrendsJun 20, 2025
Piece of the Week: Yvonne Léon’s ‘Python Gold’ BraceletThe bracelet references vintage high jewelry and snake symbolism as a playful piece where a python’s head becomes a working belt buckle.
CrimeJun 18, 2025
7 Men Indicted in $100M Brinks Jewelry HeistThe heist happened in Lebec, California, in 2022 when a Brinks truck was transporting goods from one show in California to another.
AuctionsJun 18, 2025
Historic ‘Marie-Thérèse Pink’ Diamond Fetches $14M at Christie’sThe 10-carat fancy purple-pink diamond with potential links to Marie Antoinette headlined the white-glove jewelry auction this week.
EditorsJun 18, 2025
Q&A: Caryl Capeci Dives Into Cruise Jewelry ShoppingThe Starboard Cruises SVP discusses who is shopping for jewelry on ships, how much they’re spending, and why brands should get on board.
AuctionsJun 18, 2025
16th-Century ‘Gresham Grasshopper’ Ring Sells for $56KThe historic signet ring exceeded its estimate at Noonans Mayfair’s jewelry auction this week.
CollectionsJun 18, 2025
Kirk Kara Celebrates 135 Years With New JewelsTo mark the milestone, the brand is introducing new non-bridal fine jewelry designs for the first time in two decades.
SourcingJun 18, 2025
Gemfields Sells 36-Carat Rough RubyThe gemstone is the third most valuable ruby to come out of the Montepuez mine, Gemfields said.
