Events & AwardsMay 22, 2026
Instore Buys JA New York ShowThe deal closed this week, which means Instore will produce the JA NY show slated to take place this fall.
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
FinancialsMay 22, 2026
Richemont’s Jewelry Brands Lead the Charge in Q4The company’s jewelry sales were up in Q4 and the fiscal year, with Richemont raising prices in part because of the cost of gold.
CollectionsMay 22, 2026
Leigh Maxwell Celebrates 5 Years at Couture With ‘Bauble’ CollectionThe “Bauble” capsule collection of colorful one-of-a-kinds includes our Piece of the Week, the “Bauble” earrings, featuring rose zircon.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
PodcastsMay 21, 2026
Episode 5: Sotheby’s Frank Everett Puts the Auction Market in PerspectiveEverett covers colored stones’ surging popularity, the mellow return of the “Mellon Blue,” and his “The Devil Wears Prada” doppelgänger.
Weekly QuizMay 21, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsMay 21, 2026
Springer’s Jewelers’ New Flagship Will Serve Next-Gen Luxury ShoppersFourth-generation CEO Lilly Mullen wants to emphasize experience, connection, and personalized service.
Events & AwardsMay 21, 2026
JA Announces Nina Pugliese Memorial ScholarshipThe new award, created in partnership with Henne Jewelers, honors the late designer’s legacy through supporting jewelry education.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
SourcingMay 21, 2026
Botswana, Angola Join WFDBThe addition of the diamond-producing countries as nation affiliated members broadens the federation’s global representation, WFDB said.
CrimeMay 20, 2026
NYPD Warns of Jewelry Swap Scams Targeting SeniorsThe NYPD is warning elderly New Yorkers to keep their jewelry hidden when walking outside to avoid being a target.
IndependentsMay 20, 2026
Adornment & Theory’s New Store Feels Like Home Designer Viviana Langhoff has realized her dream of owning a space for her Chicago jewelry store that looks and feels like her brand.
Events & AwardsMay 20, 2026
Here Is Couture’s 2026 Education Lineup The sessions will run from Friday, May 29, to Sunday, May 31, with one being a live taping of an episode of Couture’s podcast.
Lab-GrownMay 20, 2026
Savannah Friedkin Jewelry Names New CEOFormer Stephanie Gottlieb Fine Jewelry executive Morgan P. Richardson is joining the lab-grown diamond jewelry brand.
WatchesMay 19, 2026
Here’s the AP x Swatch Pocket Watch That Caused PandemoniumThe $400 pocket watch is a blend of Audemars Piguet’s iconic eight-sided Royal Oak and Swatch’s unserious Pop watches from the ‘80s.
CollectionsMay 19, 2026
Chris Ploof’s New Collection Makes an Ancient Metal ModernWith gold prices on the rise, the “Modern Electrum” collection uses an alternative, non-tarnishing metal alloy composed of gold and silver.
IndependentsMay 19, 2026
Ellen and Michael Fruchtman Retire, Sell Marketing Agency Fruchtman Marketing has new owners, Erin Moyer-Carballea and Manuel Carballea, and will relocate to Miami.
ColumnistsMay 19, 2026
Peter Smith: The (Mostly) Immutable Sales TruthsIn a column for the 2026 State of the Majors issue, Smith lists 10 time-tested principles about sales that still ring true.
ColumnistsMay 18, 2026
Edahn Golan: What a K-Shaped Economy Means for Fine JewelryIn a column for the 2026 State of the Majors issue, Golan spells out how the growing economic divide in the U.S. is reshaping the market.
CollectionsMay 18, 2026
Foundrae’s New Collection Taps Into JoyThe “Limitless Expansion of Joy and Hope” collection evokes summer through colored gemstones and motifs of butterflies and florals.
CollectionsMay 18, 2026
Hancocks London Acquires Historic ‘Inchiquin’ EmeraldThe jewel, circa 1890, is from the late Victorian era and was owned by descendants of the last high king of Ireland.
Events & AwardsMay 18, 2026
Here Are the 2026 JCK Industry Fund Grant Recipients This is what the nine recipients plan to do with the funds.
AuctionsMay 15, 2026
American Collector Ponies Up Almost $17K for John Wayne’s RingThe Western star’s 14-karat gold signet ring sold for six times its low estimate following a bidding war at U.K. auction house Elmwood’s.
Events & AwardsMay 15, 2026
JA, MJSA To Sponsor Roundtable at TJSThe discussion, "Rebuilding the Jewelry Workforce," will take place on Saturday, May 16, in Troy, Michigan.
SourcingMay 15, 2026
State of Diamonds: The Way Forward for Natural DiamondsThe jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.
AuctionsMay 14, 2026
White Diamonds Lead Sotheby’s Auction, Blue Diamond Does Not SellA matching pair of 18.38-carat, D-color diamonds from Botswana’s Jwaneng mine sold for $3.3 million, the top lot of the jewelry auction.
Supplier BulletinMay 14, 2026
A Diamond Is Forever Continues Desert Diamonds – Bridal ReinvigoratedSponsored by A Diamond Is Forever
SourcingMay 14, 2026
State of Colored Stones: The Spirit of Young American Gemstone CuttersThe next generation of lapidarists are entrepreneurial, engaged online, and see the craft as a means for artistic expression.
