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
WatchesJan 23, 2026
Damiani Group to Acquire Baume & MercierThe Italian luxury company purchased the nearly 200-year-old Swiss watch brand from Richemont.
TrendsJan 23, 2026
Martin Katz’s Earrings Call to Mind Wintry Weather Micro-set with hundreds of diamonds, these snowflake earrings recreate “winter’s most elegant silhouette,” and are our Piece of the Week.
Supplier BulletinJan 22, 2026
The Rise of Centralized Sourcing in the Colored Gemstone MarketSponsored by RapNet
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
MajorsJan 22, 2026
Lugano Diamonds Finds a BuyerInvestment firm Enhanced Retail Funding, a division of Gordon Brothers, was the successful bidder.
Weekly QuizJan 22, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJan 22, 2026
De Beers To Release ‘A Diamond Is Forever’ BookIt explores the history of the iconic tagline and the company’s strategy to redefine the role of diamonds in society.
MajorsJan 22, 2026
Swarovski Appoints New North America PresidentRetail veteran Sindhu Culas has stepped into the role.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
MajorsJan 22, 2026
Stuller Names New Chief Merchandising, Marketing, Sales OfficerTaylor Burgess, who has been at Stuller since 2013, was promoted to the newly created role.
PodcastsJan 21, 2026
Episode 1: High Gold Prices, the Diamond Dilemma, & What’s NextWas 2025 a good year for jewelers? Did lab-grown diamonds outsell natural? Find out on the first episode of the “My Next Question” podcast.
EditorsJan 21, 2026
6 Jewelry Designers Poised to Have a Breakout Year in 2026Whether you recognize their jewels or are just discovering them now, these designers’ talent and vision make them ones to watch this year.
SourcingJan 21, 2026
Tucson Preview 2026: Earthy Tones and Innovative Shapes Buyers are expected to gravitate toward gemstones that have a little something special, just like last year.
CrimeJan 21, 2026
4 Men Charged in $1.7M California Smash-and-Grab Jewelry Store RobberyPlus, JSA’s Scott Guginsky discusses the need for jewelers to take more precautions as the gold price continues to climb.
IndependentsJan 21, 2026
Delaware Jeweler Felice Morris Dies at 91Morris’ most cherished role was being a mother and grandmother, her family said.
CollectionsJan 21, 2026
Bulgari Weaves New Collection of ‘Vimini’ Creations“Vimini” is the first chapter of the “Bulgari Eternal” collection that merges archival pieces with modern creations.
Events & AwardsJan 21, 2026
Jewelers Mutual’s ‘Conversations’ Retreat Returns to Discuss AIThe third edition will be held in Half Moon Bay, California, in April.
Events & AwardsJan 20, 2026
These Are the 5 Finalists for the David Yurman Gem Awards GrantThe grant is in its first year and was created to recognize an exceptional fine jewelry designer whose star is on the rise.
ColumnistsJan 20, 2026
First-Party Data Is the Most Valuable Asset Jewelers Have in 2026Data built on trust, not tracking, will be key to success going forward, as the era of “borrowed attention” ends, Emmanuel Raheb writes.
MajorsJan 20, 2026
Borsheims Hires New Assistant Facilities ManagerHeath Yarges brings two decades of experience to the role.
EditorsJan 16, 2026
Remembering Pete Yantzer for His Contributions and His Kindness Pete’s boundless curiosity extended beyond diamond cut and he was always eager to share his knowledge with others, no matter the topic.
FinancialsJan 16, 2026
Richemont’s Jewelry Brands Shine in Q3Cartier, Van Cleef & Arpels, Buccellati, and Vhernier had another successful holiday season, Richemont reported this week.
TrendsJan 16, 2026
Diane Lane's Brooch Buzzes at the 2026 Golden GlobesOur Piece of the Week is Lagos’ “Bee” brooch that was seen on the red carpet for the first time on Sunday.
CrimeJan 15, 2026
D.C. Rapper ‘Taliban Glizzy’ Sentenced to 18+ Years for Jewelry Store RobberiesTrevor Jonathan Wright led a crew in a string of armed robberies targeting South Asian-owned jewelry stores on the East Coast.
Events & AwardsJan 15, 2026
Jewelers of Americas’ ‘20 Under 40’ Nominations Now OpenThe program recognizes rising professionals in the jewelry industry.
Events & AwardsJan 15, 2026
Registration for JCK Las Vegas 2026 Is Now OpenA new lifestyle section and a watch showcase have been added to this year’s event.
TrendsJan 15, 2026
Don’t Double-Dip With This Golden ChipAvocados From Mexico is celebrating those who love to double-dip in game day guacamole with a 14-karat yellow gold tortilla chip necklace.
SourcingJan 15, 2026
Nearly 42-Carat Blue Diamond Discovered in South AfricaPetra Diamonds unearthed the 41.82-carat, Type IIb blue diamond at the Cullinan Mine.
