Retailer Shopko announced this morning (Wednesday) they’ve voluntarily filed for Chapter 11 Bankruptcy.
The Company says they’re seeking to restructure as a result of excess debt and ongoing competitive pressures.
During the restructuring process, Shopko will continue to operate and serve its customers, vendors, partners and employees.
Shopko also announcing it will be closing an additional 38 stores, relocating over 20 Optical centers to freestanding locations, and conducting an auction process for its pharmacy business. No information is available on which 38 stores will be closing.
The company is also filing customary first day motions that, once approved by the court, will allow the Company to smoothly transition its business into Chapter 11, including, among other things, granting authority to pay wages, salaries, benefits, and pay vendors and suppliers in the ordinary course for authorized goods and services provided on or after the filing date.
Founded in 1962 and headquartered in Green Bay, Wisconsin, Shopko operates more than 360 stores in 26 states throughout the Central, Western and Pacific Northwest regions.