Info from Wikipedia
The Lounge Ax was a music venue in the Lincoln Park neighborhood of Chicago, located across the street from Wax Trax. It was an important venue for live rock music, especially indie rock. The club was opened in 1987 by Jennifer Fischer and Julia Adams, who were joined around September 1989 by Sue Miller, previously the booker at two other Chicago clubs, West End and the Cubby Bear.[2] For most of the club's existence, it was owned by Adams and Miller.

Lounge Ax was featured prominently in the Chicago-based movie High Fidelity, released in 2000. The club served as the site where John Cusack's character, Rob Gordon, and the staff from Championship Vinyl first encounter Marie DeSalle, played by Lisa Bonet. Its location across from the Biograph Theater plays an important part in the dialogue leading up to the Lounge Ax scenes.