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Alex and Ani Closes Disney Springs Store Following Financial Decline January 09, 2024 (0 comments)


Providence, FL--Alex and Ani has closed its store at Disney Springs in the Walt Disney World Resort, indicating its ongoing financial struggles. The closure was confirmed following initial reports on social media.

[Screenshot image via Alex and Ani/Facebook]

Per a report in the Boston Globe, this decision comes despite earlier statements in June 2023 that the store would remain open. The Disney Springs location, situated in a popular shopping area, had relocated to the complex in 2023. Despite these efforts, Alex and Ani has been closing stores and reducing its workforce to recover from its bankruptcy in 2021.

Sources close to the company, who requested anonymity, mentioned in the report that Alex and Ani had to pay royalties for Disney-themed jewelry and rent for the store. The status of these payments is unknown.

The report added that with this latest shutdown, Alex and Ani's retail presence in the U.S. has reduced to just six stores, compared to over 100 in the mid-2010s.

The company, founded in 2004 by Carolyn Rafaelian, faced a downfall due to various internal and external challenges, leading to a bankruptcy filing in 2021. Control of the company is now with Lion Capital and the Bathing Club LLC, but efforts to revive the brand have been largely unsuccessful.

In 2023, Alex and Ani outsourced its warehousing and fulfillment operations and closed 20 retail locations as part of a restructuring plan. However, these steps have not significantly improved its financial situation. The report noted that the company also faced issues for abandoning its warehouse in East Greenwich, R.I., leaving debts and unused equipment. These assets were later sold in an auction.

Learn more in the report in Boston Globe.

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