By last year, Rafaelian was forced to give up control of Alex and Ani to investor Lion Capital, which now controls 59% of the company, according to bankruptcy documents.
Alex and Ani has dozens of stores, including one in the Natick Mall.
In September of 2018, the company announced that it intended to sell more of its pieces directly to consumers, rather than through distributors, with a goal of 75 to 80 percent of sales being through its stores or its websites by March 2020, up from its current 50 percent.