G.M. Pollack & Sons files for Ch. 7 bankruptcy
G.M. Pollack & Sons, a jewelry retail business founded 60 years ago, has filed for Chapter 7 bankruptcy, days after reports emerged that its final store in South Portland would be closing.
The Bangor Daily News reported that the jeweler had begun closing its remaining stores in June, but was not initially planning for an all-out closure. That apparently changed when the jeweler filed for bankruptcy Friday, posting between $1 million and $10 million in debts and between $500,000 and $1 million in assets. Details of its secured and unsecured debts are expected to be filed July 27.
The jeweler was family owned until 2009, the newspaper noted, when the Pollack family sold the company to its employees. The jeweler has slowly closed its 12 stores in Maine and New Hampshire, with the remaining five closing within the past month.
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