CHICAGO (CBS) -- The famed Chicago clothing retailer Mark Shale is will be closing three of its stores.
The high-end men's and women's suit and sportswear retailer filed for Chapter 11 bankruptcy protection on Aug. 21, and will now have to close all three of its locations, in the 900 N. Michigan Ave. building on the Magnificent Mile, and in the Northbrook Court and Oakbrook Center malls.
"Unfortunately, our efforts to find a strategic partner to help save the business were not successful. We are saddened to say that we now have to close our doors after 83 years," Mark Shale President Rich Myers said in a news release. "Our business was able to thrive for so many years as a result of our loyal associates and amazing customers. We encourage our customers to take advantage of the extraordinary savings on all of our merchandise as we will be receiving shipments throughout the fall."
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The history of Mark Shale dates to 1929, when it opened as the Al Baskin Store for Men in Joliet. The company expanded to Chicago in the 1970s, and changed its name to Mark Shale – combining the first names of the Al Baskin's sons, according to published reports.
Mark Shale has been a fixture on the Magnificent Mile since 1981 – occupying three floors at 918 N. Michigan Ave. until 1999, when the retailer moved to the 900 N. Michigan Ave. building, usually called the Bloomingdale's Building.
Members of the Baskin family continue to be partial owners of the company.
This is not the first bankruptcy filing for Mark Shale, which is headquartered in Woodridge. The retailer also filed for bankruptcy in 2009, at which point it sold all its out-of-state stores and closed an outlet store on Elston Avenue, according to a Chicago Tribune report.
The company also went through a reorganization with court supervision in 1995, the Tribune report said.
Mark Shale says customers will find "tremendous savings" at 20 to 50 percent off as the stores liquidate their inventory. Gift cards and merchandise credits will be honored throughout the sale, the retailer says.
Gordon Brothers Group will oversee the going out of business sales, the retailer said. There are no firm closing dates; rather, the retailer says it will keep all locations open until everything has been sold.
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