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Chicago retailer Mark Shale files for bankruptcy

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Chicago retailer Mark Shale files for bankruptcy

Chicago retailer Mark Shale filed for bankruptcy earlier this week.

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Long-time Chicago retailer Mark Shale has filed for bankruptcy, blaming declining sales of women’s clothing starting in 2010 and a bad local economy.

The retailer has offered high-end clothes to Chicagoans since 1929.

Fashion industry analyst Marshal Cohen says it has struggled to stay current through the years.

“They have not found the right message and the right formula that they needed to adjust to to connect with the consumer of today,” Cohen said. “Just by remaining who they were was good enough back then, but not good enough today.”

In court filings this week, Mark Shale President Richard Myers put the retailer’s revenue at more than $6.3 million for 2012, down from more than $16.5 million two years ago.

Assets are listed at a little more than $3.2 million.

Mark Shale currently has three store locations in the Chicago area.

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