Shopko begins liquidation
Shopko is going out of business. The retailer on Monday announced that despite looking, it hadn’t found a buyer and will begin winding down its retail operations this week. It also is exploring options for its optical business.
The company filed for bankruptcy in January, at which time it also put its pharmacy business up for auction. After initially closing 38 stores upon filing for Chapter 11 protection, in mid-February Shopko announced the closure of 251 additional stores.
"This is not the outcome that we had hoped for when we started our restructuring efforts," said Russ Steinhorst, Shopko CEO. "We want to thank all of our teammates for their hard work and dedication during their time at Shopko."
Gordon Brothers will oversee the liquidation process, which Shopko expects to be completed in 10 to 12 weeks.
The Green Bay, Wis.-based retailer was founded in 1962, and in January was operating more than 360 stores in 26 states, including small-format Shopko Hometown stores that made up more than half of its store count and four standalone optical locations.
The company filed for bankruptcy in January, at which time it also put its pharmacy business up for auction. After initially closing 38 stores upon filing for Chapter 11 protection, in mid-February Shopko announced the closure of 251 additional stores.
"This is not the outcome that we had hoped for when we started our restructuring efforts," said Russ Steinhorst, Shopko CEO. "We want to thank all of our teammates for their hard work and dedication during their time at Shopko."
Gordon Brothers will oversee the liquidation process, which Shopko expects to be completed in 10 to 12 weeks.
The Green Bay, Wis.-based retailer was founded in 1962, and in January was operating more than 360 stores in 26 states, including small-format Shopko Hometown stores that made up more than half of its store count and four standalone optical locations.