Bankrupt retailer Mark Shale was granted a lifeline Wednesday when a Chicago bankruptcy court approved a $2 million debtor-in-possession financing arrangement from JOB Investments LLC. The financing was provided to Al Baskin Co., the parent of Mark Shale, which filed for bankruptcy court protection on March 23. Court documents said the financing will allow the company to continue operations, as well as save, for now, 130 full- and part-time jobs, as it tries to find a buyer. There was no indication of the identity of the investors behind JOB Investments.
This story first appeared in the May 29, 2009 issue of WWD. Subscribe Today.