Real estate investment firm Madison Marquette recently classified jewelry chains Zale and Signet as “medium risk” for bankruptcy in its roundup of retailers.

While that sounds dire, the two chains are in good company on Madison’s list (which includes Starbucks and The Gap), and the write-ups were actually encouraging.

Zale was called “longer-term, likely a turnaround, but still seeing headwinds in the recession.” It said Signet “appears to be a survivor and will benefit from the closures of competitors. One risk is that gold continues to escalate, driving the cost of goods sold higher.”