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In a story out this weekend, WWD lists the 10 most earth shattering companies who declared bankruptcy in 2012. Among the flops are stores we've felt connections to over the years--Daffy's in New York, Betsey Johnson [of course], and Hartmarx Corp. The one that makes the list and really hits home is Mark Shale. Yes, it leaves a void and we can only speculate as to the course of action that led to failure, but all stories have an end, happy or not. Here's what WWD had to say about it:
MS MARK SHALE LLC: After 83 years in business, distressed men's specialty retailer Mark Shale shuttered its three remaining Chicago stores. The high-end retailer, which had liabilities of $5.6 million, filed in August after being unable to find a strategic partner. It was the third tour of bankruptcy proceedings for the chain over a 17-year period. It was founded by Shale Baskin in 1929 and was formerly known as Al Baskin.
What this means for us here on the ground is a sale. Lucky for the women, the store, which will close permanently on December 31, just got a shipment of down coats and shearling coats. The key item here on the women's floor is the fashion forward shearling with exaggerated collars. For professional wear, the selection of Santerelli, which is made in the same mills a Giorgio Armani is vast. There are a lot of tops, Basic Shales, some shoes and only small sizes in jeans. If you see something you like, the prices are spectacular. Take an additional 60% off the already reduced sale price. On clearance items, take 80% off of the already reduced price and an additional 10% off that.
On the men's floor, an old fart named Howard tells us, "there are three pairs of shoes left" yet "everything is still in stock". Translation: there are only odd sizes and random styles left to choose from. So if you're a man and you want to shop, you might not want to waste your time the dregs of the men's floor.
· Mark Shale [Official Site]
· All Mark Shale Coverage [Racked]