PodcastsJul 23, 2026
Episode 7: Reinhold Jewelers on the Power of RelationshipsMildred Marcano Abrams and Yael Reinhold join the podcast to talk community connections, holiday plans, and preserving Reinhold’s legacy.
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.
Editors' Picks
Sponsored by
More on Majors
The Latest
SourcingJul 23, 2026
De Beers’ Production Jumps 88 Percent in Q2 Production also was up in the first half of 2026 but is expected to “substantially” decrease in H2 as two key mines undergo maintenance.
CollectionsJul 23, 2026
Silvia Furmanovich’s New Collection Travels Back to the 1920s“Art Deco” fuses ancestral techniques, rare materials, and modern perspectives as a tribute to the optimism and curiosity of the movement.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
IndependentsJul 23, 2026
Sissy's Log Cabin Opens Casino StoreThe jeweler’s newest store is inside Arkansas’ Saracen Casino Resort.
Weekly QuizJul 23, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesJul 23, 2026
Movado Inks Licensing Deal With Kate Spade New YorkThe watch company will design, manufacture, and distribute Kate Spade New York watches.
Policies & IssuesJul 22, 2026
Trump to Put 50% Tariff on Canadian Goods The higher tax is set to go into effect in August and will apply to loose polished diamonds as well as precious and base metals jewelry.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
CollectionsJul 22, 2026
Monica Rich Kosann’s High Jewelry Is FruitfulThe “Enchanted Garden” series features a cherry, lemon, and pear that each hold a little secret inside.
IndependentsJul 22, 2026
Liljenquist Beckstead Opens Rolex New BoutiqueIt’s located in Tysons Galleria, an upscale shopping center in the Washington, D.C., metro area.
Events & AwardsJul 22, 2026
NY Now Returns in August Under New OwnershipThe show, recently acquired by Rockview Management Group, will be held at New York City’s Javits Center from Aug. 2-4.
ColumnistsJul 21, 2026
Sherry Smith: Shattering the Illusion of the ‘Either/Or’ Diamond MarketSmith offers retailers guidance on creating an environment where natural and lab-grown diamonds can both thrive.
Events & AwardsJul 21, 2026
Apollo Funds Completes Emerald AcquisitionFormer Emerald President and CEO Hervé Sedky has transitioned to the role of senior advisor.
CollectionsJul 21, 2026
Graff’s New Butterfly High Jewelry Brooches MetamorphosizeThe 12-piece capsule collection transforms from brooches to pendants.
SourcingJul 21, 2026
Anglo Reportedly Selects Gareth Penny’s Consortium as Top Bidder for De BeersA Botswana government official told lawmakers Anglo has selected The Global Diamond Consortium, an entity chaired by Penny, to buy De Beers.
Policies & IssuesJul 20, 2026
Tariffs on Brazil to Increase But Rough Gemstones ExemptThe new tariff, imposed after a Trump administration study, is 25 percent and will stack on top of existing tariffs.
CollectionsJul 20, 2026
Vhernier Transforms ‘Freccia’ Collection Into High JewelryThe collection from 2014 has been reinterpreted into high jewelry with its signature triangular-shaped elements.
Events & AwardsJul 20, 2026
TJS Accepting Speaker Proposals for 2027 EventOrganizers are looking for presentations on topics like manufacturing, technology and research, bench work, gemstones, and sustainability.
CollectionsJul 17, 2026
HOWL Taps Shailene Woodley for ‘Home Sweet Home’ CampaignWoodley is seen in the campaign wearing our Piece of the Week, the “Frida” collar featuring 13 pieces of hand-carved Venetian glass.
SourcingJul 17, 2026
U.K. Woman Pays £5 for £15K Diamond Ring at Car Boot SaleA WeBuyVintage jewelry expert uncovered how much the flea market find was actually worth.
SourcingJul 17, 2026
Diamond Dealer Jeff Pancis Pens MemoirThe founder of natural colored diamond wholesaler Pancis Gems shares stories from his five decades in the industry.
Events & AwardsJul 17, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
EditorsJul 16, 2026
Q&A: Guzema’s Co-Owners On Its US Expansion, 10-Year AnniversaryValeriya Guzema and Mariana Lenha look back on the last decade and discuss the Ukrainian brand’s first U.S. store.
SourcingJul 16, 2026
Ekati to Close, Leaving Canada With One Diamond Mine The diamond mine, which opened nearly 30 years ago in Canada’s Northwest Territories, is expected to shut down by mid-August.
FinancialsJul 16, 2026
Richemont’s Jewelry Sales Soar for the Seventh Quarter in a RowJewelry sales for the company, which owns Cartier, Van Cleef & Arpels, Vhernier, and Buccellati, rose 21 percent in the first quarter.
Events & AwardsJul 16, 2026
MJSA Mentor & Apprenticeship Program Certifies First Advanced Apprentice GraduateThe graduate, Grace Barden, credited the program with helping her secure a job as a bench jeweler.
Events & AwardsJul 16, 2026
Jewelers of Louisiana to Host 80th ConventionThe event, scheduled for next month in New Orleans, will include dinner, a custom jewelry design contest, and education sessions.
