Mark Shale parent files for bankruptcy protection

Chicago The Al Baskin Co., family-owned operator of Mark Shale stores, filed for Chapter 11 bankruptcy protection. The company made its decision based on a "dramatic revenue decline" due to the struggling economy.

The company, which has been in business for 80 years, is keeping its three Chicago-area full-price stores open as it seeks a buyer for its Chicago operations and Internet business, according to the Chicago Tribune.

It closed its outlet store in Chicago Monday and plans to shutter all of its stores in Dallas; Kansas City, Mo.; St. Louis; and Atlanta in April.