Mark Shale, one of Chicago's oldest specialty retailers, has filed for chapter 11 protection and said that liquidation is a possibility if the company fails to attract financing or a buyer, the Chicago Tribune reported today. Sales declines in women's clothing, as well as the overall economic downturn, have had a detrimental effect on the company's overall business, according to court documents submitted yesterday. The documents, signed by President and Chief Financial Officer Richard Myers, indicate that sales at the 83-year-old retailer have dropped sharply, about 60 percent, to $6.36 million in its most recent fiscal year. Mark Shale's filing marks the retailer's third trip through bankruptcy. The company last filed for chapter 11 in 2009, when it sold its out-of-state stores and closed an outlet on Elston Avenue.
