IndependentsDec 29, 2025
In Memoriam: Industry Friends We Lost in 2025From influential executives to innovative designers, we pay tribute to the people we said goodbye to this year.
MajorsJul 14, 2015
Economy, competition led to the end for Maine chain
The attorney who handled the bankruptcy filing for G.M. Pollack & Sons discusses the myriad factors that forced this 60-year-old jewelry business to liquidate.
This file photo shows one of the 12 G.M. Pollack & Sons locations. Founded in 1955, the chain filed for Chapter 7 bankruptcy Saturday night and will liquidate its assets.
South Portland, Maine--G.M. Pollack & Sons, an employee-owned chain of 12 stores in Maine, is no more.
On Saturday evening, the last of the chain’s stores in operation, the South Portland location, shut its doors. Shortly afterward, The Pollack Corp. filed for Chapter 7 bankruptcy in U.S. Bankruptcy Court for the District of Maine.
Chapter 7 means the business is being liquidated; there will be no reorganizing and emerging from bankruptcy, as with Chapter 11.
“The stores were on the decline over time,” said Steven Cope, the Portland, Maine, attorney who handled the filing for G.M. Pollack. “The decision was made that there was not enough of a business to rehabilitate. The option at that point was to liquidate.”
He said the chain never really recovered from the economic crisis, not unlike the many other specialty jewelers that have been shutting down recently.
Factors that led to the chain’s demise include the shrinking middle class, the still-sputtering economy and increased competition for consumers’ limited dollars.
Jewelers are not only in competition with each other anymore but also with luxury experiences, such as exotic trips, expensive food and wine and entertainment, and may find that consumers are not as “excited” about spending on jewelry, Cope observed.
Court papers show that G.M. Pollack, a 60-year-old jewelry business, has assets worth an estimated $500,000 to $1 million but owes between $1 million and $10 million to as many as 999 creditors.
Cope said another Portland attorney, Anthony Manhart, has been appointed the trustee in the case.
He said the creditors in the case have been notified of the bankruptcy by mail. Manhart will be contacting them regarding consignment merchandise as well as the distribution of funds once the chain’s assets have been liquidated.
Manhart also is handling the return of any jewelry consumers had in for repair or on layaway and the sale of the store’s intellectual property, including its name.
Gerald M. Pollack, who got his start as a sales clerk at a Roger’s Jewelers stores in Boston, opened G.M. Pollack & Sons in 1955 when he moved from Boston to Maine with his wife, Perle.
He died in 1999, and his son Stan took over the business, which eventually grew to a total of 11 stores in Maine and one in Newington, N.H.
The last time National Jeweler published its State of the Majors report, in 2012, G.M. Pollack ranked No. 37 on the list of the Top 50 North American retail chains, tied with Robbins Brothers.
Stan retired in 2008 and sold G.M. Pollack & Sons to its employees, making it the first employee-owned jewelry store chain in Maine.
Pollack, who is reported to be 76, retired and living in South Portland, could not be reached for comment on the chain’s closing Tuesday.
More on Majors
The Latest
SourcingDec 29, 2025
‘Unearthed: Raw Beauty’ Exhibition Opens at LA MuseumThe new curation at the Natural History Museum of Los Angeles County showcases rare gem and mineral specimens in their uncut, natural state.
CrimeDec 24, 2025
LA Jewelry District Couple Pleads Guilty to Hiding Millions from IRSThe couple pleaded guilty to concealing at least $127 million in cash transactions at its precious metals businesses.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
SurveysDec 24, 2025
Consumer Confidence Falls Again in DecemberConsumers shared concerns about prices, inflation, tariffs, trade, and politics in the survey’s write-in response section.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsDec 24, 2025
Bonhams to Open New U.S. Flagship in NYCIn February 2026, the auction house will move its headquarters to the former Steinway Hall, a neoclassical landmark on Billionaires’ Row.
Events & AwardsDec 24, 2025
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
SourcingDec 23, 2025
Mining Titan Brian Gilbertson Dies at 82The former BHP Billiton leader and Gemfields chairman is remembered for his influential leadership throughout his 50-year mining career.
Events & AwardsDec 23, 2025
Bulgari Reimagines Costume Designers Guild AwardThe LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.
MajorsDec 23, 2025
Kering to Acquire Stake in Raselli Franco GroupThe luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.
MajorsDec 23, 2025
For Future Reference Vintage Enters Bloomingdale’sThe company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.
CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesIn the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.
EditorsDec 22, 2025
How Helzberg Is Reimagining Its StoresHelzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.
Recorded WebinarsDec 22, 2025
2025 Jewelry Rewind: Looking Back on an Eventful Year Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
AuctionsDec 19, 2025
Jean Schlumberger’s ‘African Cat’ Is Purr-Fection Need a gift for the cat lover who has everything? Look no further than our latest Piece of the Week.
AuctionsDec 18, 2025
Audemars Piguet Reclaims Historic Pocket Watch at AuctionIt purchased the “Grosse Pièce,” an ultra-complicated Audemars Piguet pocket watch from the ‘20s, for a record-breaking price at Sotheby’s.
Lab-GrownDec 18, 2025
Kira Jewels Debuts Custom Lab-Grown Diamond Jewelry ServiceThe lab-grown diamond grower now offers custom engagement and fashion jewelry through its Kira Custom Lab Jewelry service.
EditorsDec 18, 2025
Terry Chandler Looks Back on 40 Years of Opportunity, Change, and FriendsChandler got his start at Michelson Jewelers and has served as DCA president and CEO since 2001. He will retire at the end of the month.
WatchesDec 18, 2025
Bob’s Watches to Open Store in New York’s JFK AirportThe boutique is slated to open this week inside Terminal 8, offering pre-owned Rolex watches and more to international travelers.
Supplier BulletinDec 18, 2025
Cell Jammers Are Targeting Your Business. Here's How to Beat ThemSponsored by Digital Monitoring Products
CrimeDec 17, 2025
Man Pleads Not Guilty to Swallowing Fabergé PendantThe special-edition egg pendant ingested in a New Zealand jewelry store was recovered after a six-day wait.
EditorsDec 17, 2025
2025 Jewelry Rewind: The Best Piece of the Week PicksAssociate Editor Natalie Francisco plays favorites with Piece of the Week, selecting a standout piece of jewelry from each month of 2025.
CollectionsDec 17, 2025
Lucy Hale Stars in Jacquie Aiche’s Holiday CampaignThe “Love and Desire” campaign is inspired by the magic that follows when one’s heart leads the way, said the brand.
