We are saddened, but not surprised to learn that The Al Baskin Co., family-owned operator of Mark Shale stores, filed for
Chapter 11 bankruptcy protection.
The 80-year-old Chicago-based retailer, is keeping its three
Chicago area full-price stores open as it seeks a buyer for its Chicago
operations and Internet business, according to TheChicago Tribune. Mark Shale closed its outlet store on Elston
Avenue in Chicago Monday and plans to shutter all of its out-of-state
stores in Dallas; Kansas City, Mo.; St. Louis; and Atlanta in April.
Al Baskin employs more than 380, including 250 in the Chicago area.
There will be layoffs at headquarters as the company reorganizes,
According to the bankruptcy petition in federal court in Chicago, the
retailer listed assets of $1 million to $10 million and liabilities of
$10 million to $50 million.
Source: The Chicago Tribune