Shopko Files for Bankruptcy and Closes Over 250 Stores
Heads up, Shopko shoppers!
On January 16th, 2019, Shopko announced they’re filing for Chapter 11 Bankruptcy as a result of excessive debt and ongoing competitive pressures. At the time of this announcement, Shopko plans on closing stores and relocating several Optical centers to freestanding locations.
Moreover, in a recent statement, Shopko announced they’re planning to close over 130 more stores, with most stores closed by May 2019. You can find a complete list of over 250 store closures in this Shopko document, as well as more information about Shopko’s restructuring process.
Here’s what Shopko said in a recent statement:
“Through our conversations with the potential buyers, it has become clear that it is in our best interest to operate with a significantly smaller store footprint. Today we are announcing the closure of an additional 139 Shopko and Shopko Hometown stores. Further, we will relocate approximately 50 optical centers in closing stores to new freestanding locations.
Due to these impacts, we have issued a WARN notice in WI and IL to employees affected by these difficult, but necessary decisions. While we have not made any decisions about what positions will be affected, we do know that it will result in a reduction of staff.
We remain hopeful that we will be able to emerge as a stronger company, and we believe that this is the best course of action to make ourselves more attractive to potential buyers and successfully emerge from Chapter 11.
In addition to store closings, health provider ThedaCare announced that Shopko is closing some of its pharmacies at some ThedaCare locations, including its retail pharmacies in ThedaCare Medical Center-Shawano and ThedaCare Medical Center-Waupaca.”