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.
Editors' Picks
Sponsored by
More on Majors
The Latest
IndependentsOct 14, 2026
Retailer Hall of Fame 2026: Coleman and Mitchell ClarkFourth-generation jewelers Coleman and Mitchell Clark exemplify the best qualities of their predecessors: humility, modesty, and confidence.
SourcingOct 14, 2026
Manuel Marcial de Gomar, ‘The Emerald Whisperer,’ Dies at 90The gem hunter, whose 70-year career was defined by adventure and exploration, is remembered for his steadfast faith and sense of wonder.
FinancialsOct 14, 2026
LVMH’s Jewelry Brands Turn in ‘Very Good’ Performance in Q3 Tiffany & Co. continued its full-scale store renovation project while Bulgari’s high jewelry collection generated “record-breaking revenue.”
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
Events & AwardsOct 14, 2026
Chicago Responsible Jewelry Conference Releases 2026 ProgramThis year’s sessions feature leading voices from human rights, legal, and conservation organizations.
Weekly QuizOct 08, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Lab-GrownOct 13, 2026
Stephanie Gottlieb Takes Lab-Grown Diamond Collection WholesaleThe jewelry designer has partnered with Sofer Jewelry to distribute her 85-piece lab-grown diamond collection.
IndependentsOct 13, 2026
Retailer Hall of Fame 2026: Sean DunnDunn, this year’s Single-Store Independent inductee, is passionate about innovation and telling the story of natural diamonds.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
AuctionsOct 13, 2026
Christie's Geneva To Auction 'Bulgari Pink' DiamondThe 24-carat fancy intense pink diamond ring could fetch up to $18 million at the November sale.
IndependentsOct 13, 2026
Greenwich St. Jewelers’ New Candle Smells Like HomeThe “Island Jewel” candle honors New York City and Puerto Rico and raises money for the island’s water relief efforts.
TechnologyOct 13, 2026
GemFind Is a New JA Member Benefit Partner The partnership will give JA members access to preferred pricing, exclusive benefits, technology solutions, education, and resources.
SurveysOct 09, 2026
These Will Be the 10 Busiest Days for In-Store Shopping This Holiday SeasonStores should expect to see the most customers on Nov. 27, and Christmas week is expected to be hectic too, as Dec. 25 falls on a Friday.
CollectionsOct 09, 2026
Elisa Solomon Collabs With Serendipity 3 on ‘Frozen Hot Chocolate’ CharmThe charm, our Piece of the Week, features brown diamond frozen hot chocolate topped with white diamond whipped cream and a ruby straw.
AuctionsOct 09, 2026
8-Carat Blue Diamond Goes Unsold at UK Jewelry Auction The top lot of Elmwood’s recent fine jewelry sale in London was a 1.84-carat, D color Tiffany & Co. solitaire diamond ring.
WatchesOct 09, 2026
Movado to Sell Majority Stake in Ebel for $66.5MThe watch company agreed to sell a 95 percent interest to a group comprised of F.P. Journe, Chanel, and Swiss watch exec Pierre Jacques.
Policies & IssuesOct 08, 2026
Third Wave of IEEPA Tariff Refunds Begins This round of tariff refunds is for importers that have sued over IEEPA tariffs in the Court of International Trade and won.
CollectionsOct 08, 2026
Brent Neale’s New Collection Goes ‘Back to Basics’It revisits the brand’s most requested silhouettes, from "Pillow"-set necklaces and bracelets to "Signature"-set rings and earrings.
SourcingOct 08, 2026
Ethical Gem Fair Heads Back to BrooklynThe trade-only event includes buying opportunities as well as educational sessions on artisanal mining, the new Paraíba source, and more.
Events & AwardsOct 08, 2026
Pattons Fine Jewelry Sweeps Local Design ContestAra Chanakian, a jeweler at Pattons, took home top honors in every category at Jewelers of Louisiana’s annual jewelry design competition.
AuctionsOct 08, 2026
Reba McEntire’s Jewelry, Watches Head to Julien’s AuctionsThe live charity benefit sale in Nashville will also feature gowns, boots, and other memorabilia from the country music legend.
Supplier BulletinOct 08, 2026
Overnight Mountings’ Bridal Builder Helps Jewelers Turn Custom Design into a Hands-On Selling ExperienceSponsored by Overnight Mountings
Policies & IssuesOct 07, 2026
The Plumb Club Amplifies Its Voice as Geopolitical Pressures MountThe supplier organization recently joined JA and JVC to have more input on political issues affecting the jewelry industry.
CollectionsOct 07, 2026
Blue Nile, Royal Asscher Collection Highlights Natural Diamond BeautyBlue Nile, a Signet Jewelers-owned brand, is now Royal Asscher’s exclusive licensed retailer in North America.
CollectionsOct 07, 2026
4 Standout Pieces in Audemars Piguet’s First High Jewelry Collection “Royal Oak” pays homage to the brand’s most popular watch model using 18-karat gold as well as diamonds, emeralds, and sapphires.
SourcingOct 07, 2026
AGTA Extends Deadline for 2026 Spectrum Awards EntriesParticipants now have until Oct. 14 to complete their submissions.
CrimeOct 06, 2026
6 Charged in Connection to String of New Jersey Smash-and-GrabsThe alleged thieves used crow bars and sledgehammers to smash into jewelry stores across the state.
ColumnistsOct 06, 2026
Sherry Smith: Is the Consumer Really Trading Up?Ahead of the holidays, Smith urges jewelers to take a hard look at who’s buying jewelry, what they’re purchasing, and who’s stopped buying.
