Alex and Ani is downsizing — again

Alex and Ani’s store footprint has become a shadow of its former self.

The jewelry retailer, best known for its signature expandable charm bangle bracelets, is closing 20 stores and its longtime headquarters in Rhode Island, reported jckonline. The closings will leave Alex and Ani, which once had more than 100 stores nationwide, with seven locations.

In August 2022, the company closed on a $17.5 million senior secured credit facility loan to support its working capital needs and business operations following its corporate restructuring last year. The loan was provided by asset-based loan specialist Second Avenue Capital Partners.

Alex and Ani filed for bankruptcy protection in June 2021, citing inventory management troubles and a big decline in-store traffic, and exited several months later. (The company had 74 stores prior to its filing). As part of its restructuring, Lion Capital reduced its stake in the company to 65%. The remaining 35% was sold to Bathing Club LLL, which is owned by celebrity attorney Mark Geragos.

“Alex and Ani has been reimagining various aspects of our company over the past few years,” Scott Burger, who was named CEO in January 2022, stated in the jck report. “From moving our assembly operation, relocating our warehouse, and updating our ERP [enterprise resource planning] system, we are collectively working towards a strategic omnichannel environment that supports shifts in retail and consumers’ wants and needs.”