The deadly shooting happened Sunday at about 11:43 p.m. in the 2200-block of North Lincoln Avenue, according to police.
Malik McCorkle, 30, was shot in the head and died at Illinois Masonic Hospital, officials said.
Police said the shooting stemmed from a fight that broke out near a bar and someone fired shots at McCorkle.
A suspect was taken into custody and charges are pending, police said.
On Tuesday, Knudsen announced that Chicago police ordered The Dime bar to close immediately under a summary closure order.
"I am grateful to Superintendent Waller for understanding the ongoing public safety threat of this bar, and taking the rare step of a Summary Closure Order," Knudsen said.
The order allows police to shut down a business without a hearing if its determined to be a "public safety threat."
The closure lasts up to six months.
In an exclusive statement to ABC7, The Dime owners said:
"The owner and staff of The Dime extend our deepest condolences to the family and loved ones of the individual who tragically lost his life. Our thoughts and prayers remain with everyone affected by this senseless act of violence."
"While this tragedy is heartbreaking, it is important to recognize that the incident did not occur inside The Dime or on its premises. The facts surrounding this incident are the subject of an active law enforcement investigation, and we are fully cooperating with the Chicago Police Department and all appropriate city agencies."
"The Dime has consistently taken the safety of its patrons, employees, and neighbors seriously and remains committed to operating responsibly and in compliance with all applicable laws and regulations."
"As the investigation continues, we respectfully ask that conclusions not be drawn before all of the facts are known. We are confident the evidence will accurately establish the circumstances of this incident and the respective responsibilities of those involved."
"Out of respect for the victim's family and the ongoing investigation, we will have no further comment at this time."
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