Alex & Ani Closes Headquarters and 20 Store Locations — Retail Bum

Jewelry retailer Alex and Ani has shuttered 20 store locations as well as its corporate headquarters in Greenwich, Rhode Island.

In an announcement, the company, which is best known for its charm bracelets, said the decision came in response to meeting its customers’ evolving shopping needs.

“From moving our assembly operation, relocating our warehouse and updating our ERP system, we are collectively working towards a strategic omnichannel environment that supports shifts in retail and consumers’ wants and needs,” said CEO Scott Burger. “Throughout this process, we must make difficult decisions that ultimately support this journey.”

Burger added that the retailer plans to continue exploring all options and supporting its refreshed business model, which may include new store openings in the future.

The news comes nine months after the company secured a $17.5 million loan to fund its working capital needs and day-to-day operations.

Alex and Ani was founded in 2004 by Carolyn Rafaelian, who named the company after her daughters. Rafaelian made it on Forbes’ list of richest self-made billionaires before she left the company in 2020. A year later, the company filed for bankruptcy and put itself up for sale. However, no contenders came forward with a bid.

At its peak, Alex and Ani operated 100 store locations, 25 closed during the pandemic.

Originally published at https://retailbum.com on July 5, 2023.