Does this tree have a chance?

[prairiestyle]

Hello! We had purchased a ‘Rockford Road’ planetree a couple years ago for our front yard. This spring the majority of the tree died, and several new sprouts emerged from near the base of the tree. I just pruned most of the sprouts, but left two that I was thinking might have been above the graft line (location of which I cannot discern.) One major question - due to the injury/dieback of the trunk, does this tree even have a chance of recovering into a healthy mature tree? The injury near the base of the trunk appeared last year, and I am unsure of the cause - it wasn’t due to some physical trauma as far as I know, the tree is in its own spot in the bed.
Thanks for any input!

 

[Raintree]

Check the root flare, looks deep.

 

[buzz sawyer]

Can you move some of the mulch away so we can look for the root flare?

 

[TNTreeHugger]

I'd replace it with one with a nice strong central leader.