<PAGE>   1
                                                                 EXHIBIT 10.1(b)


              AMENDMENT NUMBER ONE TO LOAN AND SECURITY AGREEMENT

         This Amendment Number One to Loan and Security Agreement ("Amendment")
is entered into as of April 15, 1999, among SAMUELS JEWELERS, INC., a Delaware
corporation (the "Borrower"), on the one hand, and the financial institutions
listed on the signature pages hereof (such financial institutions, together with
their respective successors and assigns, are referred to hereinafter each
individually as a "Lender" and collectively as the "Lenders"), and FOOTHILL
CAPITAL CORPORATION, as Agent ("Agent"), on the other hand.

                                    RECITALS

         A. Borrower, Lenders and Agent have previously entered into that
certain Loan and Security Agreement, dated as of October 2, 1998 (the
"Agreement").

         B. Borrower, Lenders and Agent desire to amend the Agreement as
provided for an on the conditions herein.

         NOW, THEREFORE, Borrower, Lenders and Agent hereby amend certain
provisions of the Agreement as follows:

            1. DEFINITIONS. All initially capitalized terms used in this
Amendment shall have the meanings given to them in the Agreement unless
specifically defined herein.

            2. AMENDMENTS

               2.1 Section 1.1 of the Agreement is hereby amended by adding the
following definition thereto:

            "Owned Inventory" means, as of any date of determination, Inventory
            that is owned by Borrower (other than all merchandise classified on
            the Borrower's books and records as "miscellaneous" including, but
            not limited to, customer trade-ins, breakouts and giftware), and
            specifically excluding any Inventory acquired by Borrower on
            consignment from vendors.

               2.2 Section 2.1 (a) (y) of the Agreement is hereby amended and
restated in its entirety to read as follows:

            (y) the lesser of (i) 70% (75% during a Seasonal Period) of the Cost
            of Eligible Inventory, less the amount, if any, of the Inventory
            Reserve, and reserves for gift certificates outstanding and for
            shrinkage, and (ii) 80% (85% during a Seasonal Period) of the GOB
            Value of Owned Inventory,

                                        1

<PAGE>   2


            less the amount, if any, of the Inventory Reserve and reserves for
            gift certificates outstanding and for shrinkage, minus


               2.3 Section 7.20 (b) of the Agreement is hereby amended and
            restated in its entirety to read as follows:

               (b) Tangible Net Worth. Tangible Net Worth of at least the
               following amounts as of the end of the corresponding fiscal
               quarters:

<TABLE>
<CAPTION>

           Fiscal Quarter Ending            Minimum Tangible Net Worth
           ---------------------            --------------------------

<S>        <C>                              <C>
                 05/29/99                          $ 26,000,000
                 08/29/99                          $ 24,000,000
                 11/27/99                          $ 20,000,000
</TABLE>


               for each fiscal quarter ending thereafter, such minimum Tangible
               Net Worth shall be set at amounts acceptable to the Agent and the
               Lenders based upon a discount from the Borrower's projected
               Tangible Net Worth for such periods, all as set forth in detailed
               financial projections (including a balance sheet, income
               statement, statement of cash flows, and availability
               calculations) for Borrower's fiscal year ending June 3, 2000,
               which projections are to be delivered to Lenders on or before
               June 1, 999. Failure to deliver such projections by such date, in
               form and content (and reflecting financial performance)
               acceptable to the Lenders in their sole discretion, shall
               constitute an Event of Default.

               2.4 Section 17.5(a) of the Agreement is hereby amended by
deleting the words "within three days" contained therein and replacing them with
the words "within seven Business Days".

            3. REPRESENTATION AND WARRANTIES. Borrower hereby affirms to Lenders
and Agent that all Borrower's representations and warranties set forth in the
Agreement are true, complete and accurate in all respects as of the date hereof
(except to the extent such representations and warranties relate solely to an
earlier date).

            4. DEFAULTS; WAIVER. Agent and the Lenders acknowledge and agree
that any Event of Default occasioned by Borrower's noncompliance with the
requirements of Section 7.20(b) (minimum Tangible Net Worth) as set forth in the
Loan Agreement prior to the amendment provided in Section 2 hereof, is hereby
waived.



                                        2




<PAGE>   3

            5. Borrower hereby affirms to Lenders and Agent that, subject to the
waiver provided in the preceding sentence, no Default or Event of Default exists
as of the date hereof.

            6. CONDITIONS PRECEDENT. The effectiveness of this Amendment is
expressly conditioned upon the following:

               (a) Receipt by Agent of fully executed copies of this Amendment;
            and

               (b) Payment of a fee to Agent, for the pro rata account of
            Lenders, in the amount of $10,000.

            7.COSTS AND EXPENSES. Borrower shall pay to Agent all of Agent's
out-of-pocket costs, and expenses (including, without limitation, the reasonable
fees and expenses of its counsel, which counsel may include any local counsel
reasonably deemed necessary, search fees, filing and recording fees,
documentation fees, appraisal fees, travel expenses, and other fees) arising in
connection with the preparation, execution, and delivery of this Amendment and
any related documents.

            8. LIMITED EFFECT. In the event of a conflict between the terms and
provisions of this Amendment and the terms and provisions of the Agreement, the
terms and provisions of this Amendment shall govern. In all other respects, the
Agreement, as amended, modified, and supplemented hereby, shall remain in full
force and effect.

            9. COUNTERPARTS: EFFECTIVENESS. This Amendment may be executed in
any number of counterparts and by different parties on separate counterparts,
each of which when so executed and delivered shall be deemed to be an original.
All such counterparts, taken together, shall constitute but one and the same
Amendment. This Amendment shall become effective upon the execution of a
counterpart of this Amendment by each of the parties hereto.



                                        3
<PAGE>   4
     IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of
the date first set forth above.



                                              SAMUELS JEWELERS, INC.
                                              a Delaware corporation


                                              By: /s/ ROBERT HERMAN
                                                  ------------------------------

                                              Title: /s/ Asst. Secretary
                                                     ---------------------------



                                              FOOTHILL CAPITAL CORPORATION
                                              a California corporation, as
                                              Agent and as a Lender


                                              By: /s/ ROBERT CASTINE
                                                  ------------------------------

                                              Title: /s/ Vice President
                                                     ---------------------------



                                              LASALLE BUSINESS CREDIT, INC.
                                              a Delaware corporation


                                              By: /s/ SCOTT BUSCH
                                                  ------------------------------

                                              Title: /s/ FVP
                                                     ---------------------------



                                              SUNROCK CAPITAL CORP.
                                              a Delaware corporation


                                              By: /s/ ROBERT HERMAN
                                                  ------------------------------

                                              Title: /s/ Asst. Secretary
                                                     ---------------------------


                                                                               4