“Unfortunately, our efforts to find a strategic partner to help save the business were not successful. We are saddened to say that we now have to close our doors after 83 years,” Mark Shale President Rich Myers said in a statement published by CBS. “We encourage our customers to take advantage of the extraordinary savings on all of our merchandise as we will be receiving shipments throughout the fall.”
The stores will feature 20 to 50 percent markdowns on clothing by brands such as Hugo Boss, Hickey Freeman and Joseph Abboud until all the merchandise is sold, Crain's Chicago Business reports.
The stores will still honor gift cards and merchandise credits and all sales made until the close will be final, though returns on purchases made before Aug. 30 will be accepted for 30 days from the date of purchase, according to Crain's.
The company filed for Chapter 11 bankruptcy protection for the third time in August, Crain's reported this summer.
The company used to sell clothing to former Bulls coach Phil Jackson, but lately struggled to compete with discount retailers and adapt to modern fashion trends, according to Crain's.