Shopko announced Monday that it is completely going out of business. It was included in the latest filing with the U.S. Bankruptcy Court in Nebraska.
The Green Bay-based retailer had announced earlier this winter that it would be closing its Shopko and Shopko Hometown stores in Escanaba, Marquette, Houghton, Munising, Calumet, and L’Anse on May 12th.
The company had held out hope that it could restructure through bankruptcy protection and was looking for a buyer to take over the remaining stores throughout the Midwest.
But in the filing, it was announced that the remaining Shopko stores in Manistique, Kingsford, Ishpeming and Iron River will also be closing by June.
Across the Midwest, this will effect an additional five thousand employees. The company had already closed its pharmacy businesses, sending those customers to Kroger and Walgreen’s.
The press release announcing the liquidation follows:
Shopko (“the Company”) today announced that despite the Company’s best efforts, it was unable to find a buyer for its go-forward business as a going concern. As a result, Shopko will commence an orderly wind-down of its retail operations beginning this week. Further, the Company is evaluating strategic options for its optical business.
The Company will not move forward with the auction that it previously contemplated, and Gordon Brothers will oversee a liquidation process that is expected to conclude 10-12 weeks from now.
Shopko is committed to ensuring the orderly wind-down of operations that minimizes the impact of this development on its teammates, customers, vendors and the communities it serves.
“This is not the outcome that we had hoped for when we started our restructuring efforts,” said Russ Steinhorst, Chief Executive Officer. “We want to thank all of our teammates for their hard work and dedication during their time at Shopko.”
