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
AuctionsJun 12, 2026
16th-Century ‘Hogback’ Diamond Ring Going Up for Auction in LondonFound by a metal detectorist, the ring likely belonged to a wealthy, possibly royal, owner, said Noonans.
CollectionsJun 12, 2026
Chouette Designs To Launch Collection Celebrating All Types of LoveOur Pride Month Piece of the Week, the “Margaux” ring, is part of the wife-and-wife team’s new “Lovestoned” collection.
Events & AwardsJun 12, 2026
CBG Announces Plans for Phoenix ShowThe group has named the keynote speaker and announced a new pavilion for its next event, which is slated for September.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
EditorsJun 11, 2026
This Was the Best Animal Jewelry in Las Vegas From lions and hippos to snails and fish, Senior Editor Lenore Fedow wrangles her picks for cutest jewelry critters in Las Vegas.
Weekly QuizJun 11, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJun 11, 2026
Grandview Klein, London Jewelers Partner To Cut 63-Carat RoughThe big stone will be fashioned into a 20.26-carat diamond in celebration of the retailer’s 100th anniversary this year.
Lab-GrownJun 11, 2026
Smiling Rocks’ ‘Wish Jar’ Generates 100+ Wishes in Las Vegas At the JCK show, the lab-grown diamond brand teamed up with Jewelers for Children to support Make-A-Wish India.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
SourcingJun 11, 2026
Signet Jewelers Exec Joins Diamonds Do Good BoardIlana McCabe is Signet’s vice president of public relations and brand communications.
AuctionsJun 10, 2026
31.62-Carat ‘Azure Blue’ Diamond Sells For $8M+ at Christie’sIt was a banner day for blue gemstones, with another blue diamond topping $8 million and a 41-carat sapphire going for $2.3 million.
CrimeJun 10, 2026
2 Suspects Arrested in Texas Jewelry Store RobberyThe men are believed to be part of the group of several masked suspects that robbed Marc Robinson Jewelers in April.
CollectionsJun 10, 2026
Sylvie Debuts ‘Elevated’ Bridal Collection Inspired By Designer’s RingThe bridal-focused brand is also launching its Custom Atelier this summer, a digital custom design tool for its authorized retailers.
EditorsJun 09, 2026
Q&A: Al Cook on the Lab-Grown ‘Bubble,’ Dwindling Diamond Supply The De Beers Group CEO also discussed tariffs, Desert Diamonds, and the pending sale of De Beers in an interview with Michelle Graff.
MajorsJun 09, 2026
Wilkerson's Russ Whitehouse RetiresThe industry veteran is bringing his 56-year run in the fine jewelry sector to an end.
Events & AwardsJun 09, 2026
Pride Month Panel to Highlight LGBTQ+ Jewelry VoicesThe panel discussion will feature LGBTQ+ leaders across the jewelry, luxury, and creative industries.
CollectionsJun 09, 2026
Marie Lichtenberg’s New Capsule Collection Is a Smash, LiterallyInspired by a locket that got run over, the “Smash” capsule collection reimagines the shape of Lichtenberg’s signature style.
MajorsJun 09, 2026
Frederick Goldman Names Director of Sales for SoutheastThe company has promoted Katherine Whitacre to the role.
MajorsJun 08, 2026
Stuller Expands Selection of Lab-Grown Diamonds, Demi-Fine JewelryThe jewelry manufacturer has added Taylor Swift-esque diamond shapes, and more silver, gold vermeil, and gold-plated jewelry.
SourcingJun 08, 2026
Sally Morrison to Depart De Beers This Summer Morrison has been marketing diamonds on and off since the early 2000s and said she is leaving to “pursue new projects.”
TrendsJun 08, 2026
Amanda’s Style File: June’s Birthstone TrioThose born in June can celebrate with pearl, alexandrite, and moonstone jewelry.
TechnologyJun 08, 2026
Overnight Mountings Launches Ring Builder PlatformThe platform allows retailers to guide clients through a customizable engagement ring buying experience in a branded interface.
IndependentsJun 05, 2026
Pennsylvania Jewelry Store To Close After 79 YearsJim Springer, owner of Dunkelberger’s Fine Jewelry, is heading into retirement.
SurveysJun 05, 2026
Consumers to Cut Back on Spending Amid Rising Prices, Survey Shows When conducting its May consumer confidence survey, The Conference Board asked extra questions about consumers’ budgeting strategies.
CollectionsJun 05, 2026
Rebel Jewelry’s Charm Symbolizes Perseverance for Pride MonthThe “Tunnel” charm, our Piece of the Week, celebrates Pride Month with its design inspired by hope and the light at the end of the tunnel.
SourcingJun 05, 2026
State of Diamonds: The Way Forward for Natural DiamondsThe jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.
AuctionsJun 04, 2026
Treasures from Maurice Tempelsman’s ‘Marvelous’ Life Head to AuctionUp for auction at Sotheby’s, the collection of Tempelsman’s personal effects includes a Cartier Tank watch Jackie O. gifted him.
CollectionsJun 04, 2026
Buddha Mama to Spend the Summer in AspenThe Miami-based fine jewelry brand will host its first summer residency in the Colorado mountain town from June 5 to Aug. 23.
