PORTLAND, Ore. -- In every city there are brand names that define the city's retail core. In Portland, Zell Brothers is one of them.

Zell Brothers has been a Portland mainstay for nearly a century but with new owners and now the economy in recession, the jeweler may not last as long as its diamonds.

Carl Greve Jewelers faces hard times as well. Tim Greve, the president of the company, acknowledges that it’s been in business for four generations. His great grandfather started it in 1923.

“Our industry's seeing a lot of changes,” he said.

Across Pioneer Courthouse Square is Margulis, another long-time Portland family jeweler.

David Margulis said his family began selling jewelry in Portland in 1932, at the height of the Great Depression.

Broadway Avenue was a hub for fine jewelry back then -- and it remains that way today.

“We see the ups and downs but people are still having birthdays and anniversaries,” Greve said. “They're still getting married.”

But soon there could be one less Portland retail family name downtown.

Zell Brothers could be on the chopping block.  Zell’s parent company, New York-based Findley Enterprises, is financially strapped. The corporation is shuttering dozens of other jewelry stores across the country. 

“We're seeing a lot of the national chains having a great deal of difficulty trying to address the need of the individual markets,” Greve said.

Just a short time ago, Zells was ready to expand into a new storefront back on Broadway. Now, those plans are on hold.

Harsch Investment Properties, owners of the building, are now marketing the space to other retailers.

Meanwhile, at its temporary store on SW Salmon Street, signs advertising sales between 25 and 50 percent off are bringing customers in for now.

“Today, surviving is all about finding a niche,” Margulis said.

Margulis is carrying on his family's name in retail by making custom and selling vintage estate jewelry.

“You're not just generic like all the mall stores; then you've got a following,” he said.

Zell Brothers enjoyed a following that lasted nearly 100 years in Portland. Now it faces an uncertain future.

“It's a bad scene to lose an old Portland fixture and old name,” Margulis said.

Despite some reports that employees think the store will close, others told KGW they remain optimistic that someone will step in and buy the store.