EAST GREENWICH – Alex & Ani, once a powerhouse in the jewelry world, has dwindled to seven locations nationwide after shutting 20 stores, laying off employees and vacating its Rhode Island headquarters over the weekend, according to multiple media reports.
In a statement to PBN, the company confirmed it closed multiple stores on June 25, but did not specify how many. However, according to trade publication Retail Dive, just seven of Alex & Ani’s 27 stores are currently open.
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The statement said the company is “continually working to provide innovative, exciting product with the core of Alex and Ani’s purpose in place,” and that its website is available “to prioritize our ecommerce presence.”
The statement adds, “throughout this process, we must make difficult decisions that ultimately support this journey. As a result, Alex and Ani will be closing select stores … We continue to explore all options that support our refreshed business model, which may include new store openings in the future.”
The company, founded in 2004 by Carolyn Rafaelian, opened its first brick and mortar location in Newport in 2009. Business surged in the early 2010s, but as the decade went on, the jewelry producer and retailer experienced a series of financial and legal setbacks, and filed for bankruptcy in 2021.”
Rafaelian divested control of the company in 2019, and in 2022 announced a new jewelry venture, Metal Alchemist.
In March, Alex & Ani announced it would outsource its warehousing and fulfillment to Stord, a B2B and B2C supply chain platform, with a goal of facilitating e-commerce growth.
Jacquelyn Voghel is a PBN staff writer. You may reach her at Voghel@PBN.com.
