Chicago-based fashion retailer Mark Shale has filed for Chapter 11 bankruptcy court protection again, hoping that the third time’s the charm as it seeks a new owner.
The filing in a Chicago bankruptcy court Tuesday was the third time the high-end fashion retailer filed for the so-called “Chapter 33.” Its previous filing was in March 2009. At that time, the eight-unit retailer shuttered five stores. The company kept its flagship on Michigan Avenue as well as stores in Oak Brook, Ill., and Northbrook, Ill. Mark Shale was acquired during its bankruptcy and received $2 million in exit financing from private equity firm JOB Investments. The company first filed for bankruptcy in November 1995, and closed five of its then 13 stores.
Rich Myers, president of Mark Shale, said, “Unfortunately, in the current economic environment and despite our significant efforts over the past few years, we have concluded that a Chapter 11 filing was the company’s best alternative. We continue to seek a strategic partner to fortify the business.”
A little less than half of the business is in women’s wear. The women’s wear component is said to have dragged down overall operations. The men’s business, where the chain has its roots, is said to be doing well, according to a market source.
While all three stores will stay open during the current tour of bankruptcy proceedings, it wasn’t clear who might step up to the plate to acquire the firm. Bankruptcy court documents that typically indicate assets and liabilities, as well as who are the company’s top creditors, weren’t immediately available.
The chain was founded by Shale Baskin, who died Jan. 10 at the age of 84 after a short battle with leukemia. Baskin’s family has an interesting history in retail. His grandfather was a merchant and opened a men’s store called Harry Baskin in Streator, Ill. His father opened his own men’s store, Al Baskin, in 1929 in Joliet, Ill., the same time The Al Baskin Co. was founded. The name was changed to Mark Shale in 1971. Shale’s uncle, Burton Baskin, and his brother-in-law, Irv Robbins, were the founders of the Baskin-Robbins ice cream chain.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)