Woodridge-based Mark Shale, a longtime high-end fashion retailer, said Wednesday it plans to close its three stores at Oakbrook Center, Northbrook Court and on North Michigan Avenue in Chicago.
The clothier had filed Chapter 11 on Aug. 21 in the U.S. Bankruptcy Court of the Northern Illinois District. The 83-year-old company cited the economy as the main reason for its financial woes and had sought partners or a buyer to relieve it of $5.5 million in liabilities. The bankruptcy documents said it had $3.2 million in assets.
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The company had filed for bankruptcy before and, in 2009, had new owners MS Mark Shale Holdings LLC, which included the Baskin family, onetime owners of Baskin stores. A woman who answered at the Oakbrook Center store said the manager was unavailable and referred all calls to the headquarters. Calls to investor Scott Baskin and Mark Shale President Rich Meyers were not immediately returned.
The liquidation sale is being handled by Gordon Brothers Retail Partners LLC of Boston, according to a report by Crain's Chicago Business. Calls and emails to Gordon Brothers were not immediately returned.
The company was founded in 1929 and had been a high-end provider of men's and women's clothing and, at one time, was named as one of the best in the United States by Esquire Magazine, according to a statement issued by the company.