Shopko Closing Remaining Stores
Tuesday, March 19th, 2019 -- 1:25 PM
(Marshfield News Herald) -Shopko will liquidate its assets and close all of its remaining locations by mid-June.The company was unable to find a buyer for the retail business and will begin winding down its operations beginning this week, the company said in statement released Monday. The decision to liquidate will bring an end to the brick-and-mortar business that began with one location on Green Bay's west side in 1962. Shopko in February announced plans to close 250 stores, or about 70 percent of its locations as it attempted to scale back the business and work through bankruptcy to restore profitability and attract a buyer or investor. That list was expanded at noon Monday with the inclusion of the 120 stores that Shopko had hoped to keep open, according to a document filed Monday in U.S. bankruptcy court in Nebraska.
Prior to bankruptcy, Shopko employed more than 15,000 people nationwide including about 5,000 in Wisconsin, according to court documents. The bankruptcy court had scheduled an auction for Tuesday morning in the hope of driving up the price of initial bids that were submitted last week. On Monday, it announced the auction was canceled and a bankruptcy consultant would oversee liquidation over the next 10 to 12 weeks. The court filing indicates all store closures will be completed by June 16.
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